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.

Published on July 16, 2019
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