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NIFTY | Rounding Top similar to Bank Nifty

NSE:NIFTY   Nifty 50 Index
Rounding Top pattern observed in Nifty . Neck level is at 11615, which if the index breaks decisively, can be considered for Short selling. Target of the pattern comes at 11127.

We could also find that 61.8% Fibonacci retracement level of the previous swing falls at 11164. Hence if the index falls, 11127-11164 would act as a strong support area . But for now 11615 hold the key. A similar price action is seen Bank Nifty indicating that the current support levels is very important for the market as a whole.
Comment: Similar pattern in Bank Nifty