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The NSE index looks neutral in the 10,843.31 to 10,913.07 range. This range is identified as the 238.2 per cent and 223.6 per cent Fibonacci projection level of the downtrend from the June 3 high to the June 19 low.
The index currently faces resistance at a descending trend line, which passes through the 223.6 per cent level; if this resistance is broken, then the index may rise to the 11,025.84 to 11,053.3 range.
On the downside, the index has multiple supports below the 10,843.31 level. However, a break below the August 5 low of 10,782.6 may lead to a further fall to the 10,548.01 level.
The wave pattern suggests the index may be in wave iv of a five-wave downtrend, and if the current wave fails to break above the 11,000 level, the final wave may take the index down to the 10,548.01 level,
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