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

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 (Relative Strength Index) and