May 15, 2019 / 6:27 AM / 2 months ago

BUZZ-India's NSE index may test a resistance at 11,379 - Technicals

** India’s NSE index, which has lost over 5% since hitting a record high of 11,856.15 on April 18, may test a resistance at 11,378.64

** Resistance at 11,378.64 is identified as the 14.6% Fibonacci projection level of the uptrend from Oct. 26, 2018 low to April 18, 2019 high

** A bounce was seen on Tuesday from a support at 11,148.84, the 38.2% Fibonacci retracement level of the uptrend from Oct. 26, 2018 low to April 18, 2019 high

** Tuesday’s bounce suggests that the index has either completed wave c of a three-wave downtrend or wave iii of a five-wave downtrend. The current wave is expected to rise up to a resistance at 11,419.17, the 23.6% retracement level

** Wednesday’s low at a support of 11,237.91, the 7% projection level, further supports the bounce and suggests the index may test the next resistance at 11,378.64 points in a couple of days

** Broader trend still remains negative, with a negative MACD suggesting a bearish momentum

Reporting by Gaurav Dogra; editing by Uttaresh.V

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