NIFTYBANK - FALL ONLY TO RISE

Nifty bank, bears trigger move below 37600 but remained short lived. Bulls power their way above the 38000 on close basis. This move is classic and throws lots of interesting aspects to the table. 1. Bank Nifty has been one of out performer Index. 2. The fall was on expected lines as part of the corrective move. 3. The rise coming on the heels of the larger trend line support with bullish piercing pattern. 4. The major Index also hitting important bottom. Suffice to say the corrective down move is behind and market would try to penetrate higher save a day ahead of Monetary Policy Meeting. For the day 37950-38450 should work.