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Nifty breaks below support, may test 10,480 level

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NEW DELHI: The NSE Nifty fell as much as 0.73 per cent, breaking below a key support at 10,592.66 level.

The support is identified as the 23.6 per cent Fibonacci retracement level of the uptrend from October 26 low to November 19 high. This breakdown of the 23.6 per cent level suggests it may now fall up to the next support at 10,480.32, the 38.2 per cent retracement level. The support is also expected at the 200-period exponential moving average on the 30-minute chart. The wave pattern suggests it has completed a five-wave uptrend (wave (1)) and is in its three-wave corrective phase. The NSE index is up 1.19 per cent this year as of the last close, compared with the MSCI's Asia Pacific ex Japan local currency index's 11.2 per cent fall in the same period. Around 11:10 am, the Nifty50 was trading 82 points, or 0.77 per cent, down at 10,574, much below its 200-DMA of 10,748. Chart Nifty DMABCCLWith inputs from Reuters




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