Fibonacci retracement levels indicate where support is likely to occur.
Here as per the rally taking place from recent bottom, 23.6% retracement can happen till 13600 which is also the bottom created before the Budget day and hence will act as strong support.
Below that, 38.2% level is 12430, which also happens to be the previous top, this again will act as very strong support during retracements.
Here as per the rally taking place from recent bottom, 23.6% retracement can happen till 13600 which is also the bottom created before the Budget day and hence will act as strong support.
Below that, 38.2% level is 12430, which also happens to be the previous top, this again will act as very strong support during retracements.