Stocks

NSE index may test resistance at 11,683

Reuters July 16 | Updated on July 16, 2019 Published on July 16, 2019

The NSE index is likely to test a resistance at 11,682.81. The level is identified as the 14.6 per cent Fibonacci projection level of the uptrend from the February 19 low to its June 3 high.

The index cuts above its 50-hour exponential moving average (EMA), which had acted as a resistance in Friday's trade.

A cut above the 50-hour EMA suggests that the index may test the next resistance at 11,682.81.

The index's wave pattern suggests that it is in the first wave of a five-wave uptrend, the current uptrend is expected to continue up to a resistance at 12,040.62, the 38.2 per cent projection level.

The index is currently supported at 11,567.58, the 7 per cent projection level and at an ascending trend line.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 16, 2019
This article is closed for comments.
Please Email the Editor