June 24, 2019 / 6:04 AM / 4 months ago

BUZZ-India's NSE index may test support at 11,677 before further gains - Technicals

** The NSE index is biased to test a support at 11,676.6 before further gains

** The level is identified as the 76.4% Fibonacci retracement level of the move from June 19 low to June 20 high tmsnrt.rs/2ZBseo2

** Wave pattern suggests that the index is still in the corrective wave C of the shorter duration uptrend from June 19 low to June 20 high

** The correction is expected to end in a couple of hours and may end at the 76.4% retracement level

** The index formed a descending trendline in Friday’s trade; a rally is expected once the trendline is broken on the upside

** On the downside, June 19 low of 11,625.1 is a crucial support for the index, a break below which may lead to a downtrend (Reporting by Gaurav Dogra)

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