The NSE index is biased to test a support at 11,731.32 before further gains

The level is identified as the 7% Fibonacci projection level of the uptrend from Feb 19 low to June 3 high

Wave pattern suggests that the index may have completed wave i of a five-wave uptrend and the index is in its corrective wave

Index is currently supported at its 200-period exponential moving average on the hourly chart, a break below which may lead to a fall up to the 7% level

As long as 11,731.32 is the support, further gains are expected