June 28, 2019 / 6:02 AM / 24 days ago

BUZZ-India's NSE index may test support at 11,738 - Technicals

** The NSE index is biased to test a support at 11,737.36

** The level is identified as the 23.6% Fibonacci retracement level on the downtrend from June 3 high to June 19 low tmsnrt.rs/2YhzPYE

** Wave pattern suggests that the index may have completed wave 3 or its sub wave a and a corrective wave has started for the index

** Within the corrective wave, index further breaks below a triangle pattern (the second wave of the three wave correction), supporting a move towards 11,737.36

** Index currently has some support at 11,807.36 also, but there is high probability of it getting broken

Reporting by Gaurav Dogra

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