June 1, 2018 / 5:37 AM / in 3 months

BUZZ-India's NSE Index may test resistance at 10,884 - technicals

** India’s NSE Index which broke above a resistance at 10,706 on Thursday, may test another one at 10,883.7

** The 10,883.7 resistance level is identified as the 76.4 pct retracement level of the correction from the high on Jan 29 to the low on March 23

** Index closed above the 38.2 pct retracement level at 10,417.8 on May 23 and settled above the 50 pct level at 10,561.7 on May 30, suggesting that it could move towards 10,883.7

** On May 30, RSI took support at 50 level, a bullish sign

** MACD is also positive and above its signal line

** The 76.4 pct retracement level may act as a critical resistance as the index is also forming a triangle pattern

** A breakout above the triangle may lead to the continuation of the uptrend and a move towards the record high of 11,171.55 hit on Jan 29,2018

Reporting by Gaurav Dogra

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