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Nifty Bank forms Golden Crossover, could go up by another 5% in a week

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Historically, since 2014 on seven occasions the golden crossover yielded strong returns.

Synopsis

Once the crossover occurs, the long-term moving average is considered as the major support level for the markets.

Bank stocks, especially private owned, are likely to log further gains as the Nifty Bank formed the golden crossover pattern for the first time in the last one year, which is seen as a bullish sign.Analysts said the index tends to go up by another 5% in a week or two after this occurs on the charts, and buying interest in banking heavyweights such as HDFC Bank, Kotak Mahindra, SBI, ICICI Bank and Axis Bank could boost these stocks in the festive

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