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BUZZ-India's NSE index may test support at 9,804 – technicals
October 3, 2017 / 6:00 AM / 2 months ago

BUZZ-India's NSE index may test support at 9,804 – technicals

    ** India's NSE index retraced from a resistance at 
its 50-day exponential moving average (EMA) near 9,895 after
opening a gap-up at 9,893.30
    ** Wave pattern suggests the index is in wave B of a three
wave corrective cycle reut.rs/2yTsLoS
    ** Reversal from the 50-day EMA signals that the bounce from
the Sept. 28 low of 9,687.55 in the form of wave B may have
completed and the index may drop back, initially towards a
support at 9,804 from the 23.6 pct retracement level of wave A
    ** A close above the 38.2 pct retracement level at 9,875,
however, may continue this wave B towards the 50 pct retracement
level at 9,933
    ** The index was up 0.8 pct at 9,863.75 as of 0556 GMT
    ** Last week, the index broke below its Ichimoku cloud after
a gap of nine months, which is seen as an indication of a
possible reversal of the medium term uptrend
    ** Daily pivot, pivot support and resistance levels are
updated in the following table. Note: pivot point, support, and
resistance levels are based on the high, low, and close prices
of the previous day, index trading above the pivot point 
indicates ongoing bullish sentiment
    
 Pivot Resistance 3           9933
 Pivot Resistance 2           9885
 Pivot Resistance 1           9837
 Pivot                        9806
 Pivot Support 1              9758
 Pivot Support 2              9727
 Pivot Support 3              9679
 
        

    
 (RM: gaurav.dogra1.thomsonreuters.com@reuters.net)

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