As per price action Banknifty can now go in retracement period according to Fib Retracement. However the pullback won't be long enough as we can see that 37100 is a crucial support level for the index. Speaking on the retracment levels of Fib we can expect price to take support anywhere between 37900 - 37300. While on the upside recent swing high can be a resistance level.
Comment:
Banknifty dipped below Fib level 0.236 and bounced back to close above the level for the day
Comment:
Banknifty at Fib level 0.382