June 17, 2019 / 4:38 AM / 3 months ago

BUZZ-India's NSE index may test a support at 11,723 - technicals

** The NSE index falls as much as 0.6%, cuts below a support at 11,795.85

** The support is identified as the 14.6% Fibonacci retracement level on the uptrend from Oct. 26, 2018 low to June 3 high tmsnrt.rs/2Ikn61G

** The index also breaks below its 20-day exponential moving average and cuts below June 7 low of 11,769.5

** Breakdown suggests that index may test a support at 11,722.5, the 38.2% retracement level of the uptrend from May 14 low to June 3 high (wave 3)

** The index’s wave pattern suggests that it is in wave c of a three-wave downtrend

** If the current wave travels the same distance as the wave a, the index may fall up to 11,667

** Wave pattern further suggests that within wave c, the index is in the third sub wave of a five-wave downtrend

** As of last close, the index was up 8.8% this year, compared with the broader MSCI’s Asia Pacific ex-Japan local currency index’s 7.5% gain (Reporting by Gaurav Dogra)

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