NEW DELHI: The Nifty50 climbed for a third straight session on Monday and formed a ‘Strong Bull’ candlestick pattern on the daily chart, suggesting that the bulls are back on the Street.While the risk-reward ratio has turned unfavourable, traders can keep strict stop loss at 8,750 for a target of 8,935-8,970 in the short term.A bullish candle signifies that the market witnessed sustained buying interest from the bulls for most part of the session.The Nifty50 saw a muted pre-open session and was almost flat at the opening bell.The index touched a low of 8,809, and respected the support at 8,800 in opening trade. But the level proved the day’s low as the index rallied to day’s high at 8,886 before settling at 8,879, up 57.50 points, or 0.65 per cent.“The Nifty50 continued its relentless strength as it formed a solid bull candle on Monday. While this kind of a bullish bias may continue for some more sessions, the indices are fast approaching the critical resistance levels placed around the 9,000 mark,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in.“We recommend traders to ride this rally with cautious optimism till signs of reversal are visible, as the risk-reward ratio is not favouring the bulls at current level,” Mohammad added, while advising traders to create fresh longs with a stop loss at 8,750 for a target of 8,935-8,970 in the near term.Chandan Taparia, Associate Vice President at Motilal Oswal Securities, noted that the index continued its higher top-higher bottom formation and respected its major support trend line by connecting the bottoms of 7,893 and 8,327.“It formed a bullish candle on the daily chart and the support shifted higher from 8,720 to 8,800. Till the Nifty50 holds above the 8,820 level, this rally may extend towards 8,968 and 9,000, while on the downside multiple, supports are seen near 8,820 and 8,750 levels,” Taparia said.Sameet Chavan, Chief Analyst for Technical & Derivatives at Angel Broking , said Nifty50 closed above the trend line resistance of 8,820 on Friday that triggered the breakout in the index.“We are not so surprised by Monday’s move. It added further conviction to our view that the index may see new high soon. On Tuesday, the Nifty50 may head towards 8,920 – 8,969 levels after making a move above Friday’s high of 8,896. Traders are advised to keep holding directional long positions by trailing a stop loss at 8,700,” Chavan said.Chavan expects the index to see intraday support in the 8,856 – 8,804 range.