NSE index may test resistance at 11,488

Reuters July 25 | Updated on July 25, 2019 Published on July 25, 2019

The NSE index is likely to test a resistance at 11,488.01. The resistance is identified as the 61.8 per cent Fibonacci retracement level on the uptrend from its May 14 low to June 3 high.

The index cuts above a resistance at 11,342.94, the 76.4 per cent retracement level, and a close above this level may lead to further gains to the 61.8 per cent level.

The index's wave pattern suggests that the correction is not yet complete and the final wave v of this correction may start from the 61.8 per cent level or from a descending trend line.

In the near term, the index has supports at 11,342.94, 11,301.42 and at 11,243.58.

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Published on July 25, 2019
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