BANK NIFTY analysis

• Bank Nifty closed above 5 day high EMA and with a Bullish engulfing candle stick pattern.
• We may not give too much importance to the bullish engulfing because this pattern is more effective if it comes at the bottom of trend. Still i am pointing it out to show the positive momentum of the index.
• Stocks lime SBI made good moves yesterday that pushed Bank nifty higher. Those stocks should move even higher today if this mad run of Bank Nifty is to continue.
• Look for positive movements above 10360. Be cautious below this level.