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The NSE index may test a resistance in the range of 11,983 and a psychological level of 12,000. The 11,983.31 level is the 23.6 per cent Fibonacci projection level of an uptrend from February 19 low to June 3 high. There is another resistance at 11,989.51, the 76.4 per cent Fibonacci retracement level of wave (4) is also placed in this range.
The wave pattern suggests that the index is in sub-wave c of the third wave in a five-wave uptrend. It is expected to be the final wave of a long-term uptrend that started in December 2016.
From an intra-day perspective, the index is currently supported at 11,919.89, the 61.8 per cent retracement level.
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