Overview: Banknifty gapped up above 34893 levels and faced ad resistance around 35000 levels and after consolidating it moved up to close around our pivot level of 35240.
The view is bullish and the trend is positive now as long as we are sustaining above 35000 levels.
Banknifty resistance level: 35240/35405/35575
If we open flat, sustaining and trading above 35240 levels can propel the index to further targets of 45405 and 35575.
If we have a huge gap up a profit booking can be seen and 35240 can be good support and can go long for upper targets.
Positionally we can maintain long targets by trailing SL.
If we open flat also we can go long keeping a small SL on 5/15 mins bullish candle low.
Banknifty Support level: 35076/34893
The only scenario BNF will fall is if we have a huge gap down leading to panic selling which is very highly unlikely to happen as SGX is trading higher.
Still, if we witness a price action below 35100 levels we can short for smaller targets around 35076 and can reverse as it's a huge support level now.
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