As said yesterday that morning star candle stick formed after sell off and suggested to keep SL of yesterday high, bank nifty opened at 43765 and gave up opening gain, dropped to 43588. Thirty minutes later Bank nifty broke yesterday high and shoot to 44050. So all there prediction went right. Now what next, Chart is self-explanatory. Yesterday shooting star pattern is confirmed by todays big green candle stick. These patterns are not to be taken lightly. Bank nifty is in up trend. MACD confirmation is yet to come, but it is laggard indicator. 20 DEMA is well supporting bank nifty. normally after long candle stick there is pause and then rally. Bank Nifty according to this theory can trade sideways and any break above 44300 will take bank nifty to 1.618 Fibonacci level, which is placed at 47000 and SL at 43400( yellow line)
