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The NSE index has dipped as much as 0.6 per cent, cutting below a support at 11,867.56.
The support is identified as the 23.6 per cent Fibonacci retracement level on the uptrend from its May 14 low to June 3 high.
The index's wave pattern suggests it is in wave C of a three-wave downtrend. The wave pattern further suggests, within wave C, the index is in the third sub wave of a five-wave downtrend.
A close below the 23.6 per cent level may lead to a further fall up to a support at 11,722.5, the 38.2 per cent retracement level.
Support is also expected at the 20-day exponential moving average and at last Friday's low of 11,769.5.
The index's MACD cutting below its signal line, is seen as a bearish sign. As of the last close, the index is up 9.61 per cent this year, compared with the broader MSCI's Asia Pacific ex-Japan local currency index's 8.97 per cent gain in the same period.
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