September 21, 2018 / 9:53 AM / 8 months ago

BUZZ-NSE Index failed breakout at 11,333 resistance, lost 3.3 pct - Technicals

** India’s NSE Index, which tested a resistance at 11,333.44 earlier on Friday, plummeted more than 3 pct after the failure in a matter of 30 minutes

** Resistance at 11,333 is identified as the 23.6 pct Fibonacci retracement level of the uptrend from March 23 low to Aug 28 high

** Index’s wave pattern suggests, it is in the fourth wave of a five-wave uptrend and it’s possible Wave 4 would have completed at Friday’s low

** Being the final wave of a larger degree uptrend, strong support was expected at 11,069.43, the 38.2 pct retracement level as the lower trendline of this uptrend also passes through it

** The fall below 38.2 pct level led to a further fall up to the next retracement level at 50 pct

Reporting by Gaurav Dogra; Editing by Gopakumar Warrier

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