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Index watch: NiftyBank needs to hold 30,000 level for the trend to reverse

Nifty Bank is well positioned above 29,800 on closing basis, the index needs to hold a range of 30,150 - 30,000 to create an intra-day base for trading

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Image: iSTOCK

NiftyBank slipped 307 points, or 1.01 per cent, to close at 30,223.40 on Thursday after rising above its previous all-time high of 30,648. It is witnessing selling pressure above 30,600 - a level which the index has scaled thrice in the current month. The Bearish Engulfing Candlestick pattern suggests any breach of 30,150 levels may further trigger a fall to its support of 30,000 levels. Although, Nifty Bank is well positioned above 29,800 on closing basis, the index needs to hold a range of 30,150 – 30,000 to create an intra-day base for trading.     RSI ...