๐Resistance based on pivot points: 50,354, 50,537 and 50,833
Support based on pivot points: 49,763, 49,580 and 49,285
Resistance based on Fibonacci retracements: 50,536, 51,064
Support levels based on Fibonacci Retracement: 49,712, 48,854
SPECIAL PATTERN: Nifty Bank also formed long bearish candlestick pattern on daily chart with negative bias in momentum indicator. The index closed down 746 points or 1.5 per cent at 49,832. The index is close to the 50 per cent Fibonacci retracement level (49,712) from the June 4 low to July 4 all-time high, which usually acts as a key support level.
