NSE index may test resistance at 11,241: Technicals

Reuters August 9 | Updated on August 09, 2019 Published on August 09, 2019

The NSE index is likely to test a resistance at 11,240.67. The resistance is identified as the 38.2 per cent Fibonacci retracement level on the downtrend from the July 5 high to the August 5 low.

The index broke above a resistance at 11,065.6, the 23.6 per cent retracement level, suggesting a move towards the 11,240.67 retracement level.

The index currently has some resistance at 11,135.58 also.

The wave pattern suggests the index may be in wave iv of a five-wave downtrend and the current wave may continue up to the 11,240.67 level.

On the downside, if the index breaks below the 11,065.6 level, it may lead to a further fall.

Published on August 09, 2019
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