The NSE index is likely to test a support at 11,108.3. This support is identified as the 100 percent Fibonacci retracement level on the uptrend from May 14 low to June 3 high.

Index's trend intensity (TI) indicator rises to 20, which suggests that it is trending downwards, and its MACD is also negative and below its signal line.

The index has started to fall after facing strong resistance at its 200-day exponential moving average (EMA) and the 38.2 percent Fibonacci retracement level on the uptrend from the Oct. 26, 2018 low to the June 3, 2019 high.

The wave pattern on the intra-day chart suggests that the corrective sub-wave b within wave iii of the five-wave downtrend may have completed. The completion of sub-wave b suggests that the index may fall further to a support at 11,108.3 level, though some support is also expected at 11,208.41.

On the upside though, a break above the 11,301.43 level may lead to further gains.