NIFTYBANK - RECOVERY TIME

Niftybank, further prints move past 38200 (against our expectation). This pushes the index in similar place like that of the major Index towards the 0.618% of the re tracement which marks around the 38400-600 area. The good thing for the bulls is the base has moved higher now around the 37500 area and focus remains around the 38600-800 area. Continues to favour the buy on dips, however near term over bought zones on any incremental moves can have profit taking impact. Thus for the day 37900-38700 range would work well.