Stocks

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.

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

Published on July 24, 2019
This article is closed for comments.
Please Email the Editor