Nifty - Head and Shoulder -Daily

This chart represents a technical analysis of the Nifty 50 Index using two key indicators:

1. **Head and Shoulders Pattern**:
- The chart highlights a classic **Head and Shoulders** pattern, where there are two shoulders (left and right) with a higher peak in the middle (the head). This pattern suggests a potential bearish reversal.
- The **neckline** is drawn -24,800 which will ack as Stoploss also, which, when broken, confirms the bearish trend.
- The measured **breakdown** distance (from the neckline to the head) is mirrored below the neckline, indicating the target 23,133 for potential further declines.

2. **Fibonacci Retracement Levels**:
- Fibonacci levels are overlaid on the chart, indicating possible support and resistance levels.
- The 0.618 Fibonacci level, which is often a significant support zone, is marked at **24,801.55**, which appears to be near the current price of **24,749.85**.
- Other important levels include 0.5 (25,083.35) and 0.786 (24,400.40), which could also act as pivot points.

The large price drop near the end, after a right shoulder formation, along with the bearish volume spikes, suggests the index is under selling pressure, and further declines are possible if the support levels are broken.