Bank Nifty made a bullish candle negating the Island reversal.Today's candle has broken out from the downtrendline from previous highs of 11430.The range of 9972-9260 needs to be broken for the upmove to gain momentum.
Daily oscillators are showing strength having moved above the 50 mark. Macd is in buy and about to move above the zero line.With today's bullish candle the bulls may be in a favourable position.
Till the neckline which is around 10568 is crossed the target of 8700 is achievable.Longs to be traded with caution.
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