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.
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
