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Technical charts show NSE Nifty may test support at 11,064 level

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The benchmark NSE Nifty index, which has lost more than 4 per cent since it hit a record high of 11,760.20 points on August 28, may test a support at 11,064.24 points, technical charts show.

The level is identified as the 38.2 per cent Fibonacci retracement of the uptrend from March 23 low to August 28 high. The 50-share index has broken below its 50-day exponential moving average (EMA) and the 23.6 per cent Fibonacci retracement level, which suggests, decline may continue up to the next 38.2 per cent retracement level, Reuters added. The support is also expected at 11,161.66 points, the 61.8 per cent Fibonacci projection level of the uptrend from March 23 low to May 15 high (wave 1) and at August 2 low of 11,234.95 points. Stock's wave pattern suggests it is in the fourth wave (a corrective wave) of a five-wave uptrend. Momentum indicator Moving Average Convergence Divergence (MACD) is also trading below its signal line, considered unfavorable for the index.




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Category: Stock Market


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