NSE index may test support at 11,208

Reuters July 24 | Updated on July 24, 2019 Published on July 24, 2019

The NSE index is likely to test a support at 11,208.41.

The support is identified as the 161.8 per cent Fibonacci projection level of the downtrend from its June 3 high to its June 19 low.

Earlier on Wednesday, the index broke a support from its 200-day exponential moving average and the 38.2 per cent Fibonacci retracement level on the uptrend from the October 26, 2018, low to the June 3, 2019 high, suggesting a fall to the 161.8 per cent projection level.

A bounce is expected from the 11,208.41 level. However, if this level is broken, the index may fall further to the May 14 low of 11,108.3.

The May 14 low is a crucial support for the index, as a break below it may lead to a sharper fall.

Published on July 24, 2019
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