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The NSE index is biased to retest a resistance at 11,846.55 in a couple of days. The level is identified as the 14.6 per cent Fibonacci projection level of the uptrend from February 9 low to June 3 high.
The index breaks above a descending trendline formed on the intraday chart since last Friday. A break above the trendline also suggests that the index may have completed the second wave (a corrective wave) of a five-wave uptrend and the third wave may have started.
Current wave is expected to rise beyond June 20 high of 11,843.5 and test the resistance at 11,846.55. On an intraday basis, the index has resistances at 11,737.73 and 11,807.36 and supports are at 11,694.82 and 11,658.58. On the flip side, June 19 low of 11,625.1 is a crucial support for the index, a break below which may lead to further downside.
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