Chart Reading: 'Golden crossover' on Nifty Bank to fuel banking stocks

The Nifty50 index is heading towards breakout level, while Nifty Bank is trading with positive sentiment. The scenario signals stocks in the indices are showing patterns that will attract buying. The Nifty Bank with positive sentiment is on the verge of making 'Golden crossover' as per the daily chart.

Golden Crossover

A Golden Crossover occurs when the short-term average crosses/moves above the long-term moving average. The scenario depicts a short-term trend getting stronger as compared to the long-term trend. It helps traders and investors to acknowledge the strength of the overall index.

Nifty Bank

The Nifty Bank has crossed the