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The NSE index is likely to test a resistance at 11,819.26. The level is identified as the 23.6 per cent Fibonacci projection level on the uptrend from the February 19 low to its June 3 high.
If index breaks above a resistance at 11,682.81, the 14.6 per cent projection level, it may move towards the 11,819.26. Some resistance is also expected at the 200-hour exponential moving average (EMA)
Index's wave pattern suggests it is in wave iii or in the final sub-wave of wave i, in a five-wave uptrend. From a long-term view, current wave is part of the final wave 5, in a five-wave uptrend. The current uptrend is expected to continue up to 12,040.62, the 38.2 per cent projection level.
In the near term, the index has support at 11,682.81 and at its 50-hour EMA.
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