Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.