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The NSE index Nifty is likely to test a support at 10,917.51, before falling further into the range of 10,828.46 to 10,782.60.
The range is identified as the 38.2% Fibonacci projection level of the downtrend from July 17 high to Aug 5 low and the low hit on Aug 5 .
The Nifty Index's wave pattern suggests that it is in the final wave v within wave C of a three-wave correction and a fall into the 10,828.46 to 10,782.6 range is likely
Further breakdown of the 10,782.6 level may lead to a fall up to 10,660, as suggested by the length of wave i.
Meanwhile, a break above 11,000.67 is seen positive for the index and a further breakout of the descending trend line that connects July 17 and Aug 9 highs, may lead to an uptrend.
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