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India's NSE index Nifty 50 gained as much as 0.37 per cent and broken above a key resistance at 11,345.86 points.
Resistance at 11,345.86 points is identified as the 76.4 per cent Fibonacci retracement level of the downtrend from August 28 high to October 26 low (wave (4)
A close above the 76.4 per cent level may lead to further rise up to 11,521.43 points, the 86.4 per cent retracement level
However, mild resistance is also expected at 11,484.4 points, the 114.6 per cent Fibonacci projection level of the uptrend from December 11 low to February 7 high (wave a)
The Nifty Index’s stock wave pattern suggests, it is in the third wave of a fivewave uptrend
Trend Intensity (TI) indicator rises two points to 21, suggests prices are trending upwards, MACD is positive and above its signal line
The Nifty Index was up 5.1 per cent in the last one month as of Wednesday's close, outperforming the broader MSCI's Asia Pacific ex-Japan local currency index's 1.9 per cent gains in the same period
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