Rounding Top pattern observed in Nifty Bank. Neck level is at 30200, which if the index breaks decisively, can be considered for Short selling. Target of the pattern comes at 28620.
We could also find that 61.8% Fibonacci retracement level of the previous swing falls at around 28600 coinciding with the pattern target. Hence if the index falls, 28600 region would act as a strong support. But for now 30200 hold the key and currently 30560 is acting as a resistance on the upside.
We could also find that 61.8% Fibonacci retracement level of the previous swing falls at around 28600 coinciding with the pattern target. Hence if the index falls, 28600 region would act as a strong support. But for now 30200 hold the key and currently 30560 is acting as a resistance on the upside.