NIFTYBANK - BULLS TIME "PAUSE"

Nifty bank bulls after the strong rally continue to face hurdles in the zone of 0.38% and 0.5%. The rally from the new base of 37000 is highly encouraging. While the price action may suggest like a pause on close basis, it is actually time bound correction that is on here. The new base shifts to 37200 while this hold 38200 is a level bulls try to conquer. This may take a while as the near term over bought conditions and the supply zone to act stronger. However, one needs to see if the market has second thoughts. Suffice to say the range 37400-38200 to work.