Banknifty formed a important bottom at 34051 and moved higher in a impulse wave till 38856, post which we saw a 50 % RT in price and made short bottom at 34610 , the prices on shorter time frame has again started making higher high , higher lows and broken above falling trendline and prices sustaining above short term moving averages , favouring a risk on trade with SL at 37250 for 39500/40300