‘NSE index has key support at 8,600’

Reuters Updated - January 24, 2018 at 08:13 PM.

NSE index may fall to a key support of 8,600 before resuming its uptrend, according to technical analysts.

The 50-share index is already down 2.9 per cent from record high.

Wednesday’s fall was a bearish engulfing pattern formed after touching intraday highs on candlestick charts, according to Thomson Reuters data.

Such a pattern has formed thrice since Narendra Modi became Prime Minster in May and has led to 4.9 to 5.9 per cent decline.

The analysts say near 6 per cent decline from record high of 9,119.15 would come at 8,572.

Also, they say 8,600 served as key resistance between November-December 2014.

Published on March 5, 2015 09:12
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