Today will be gap up opening in banknifty. After opening expected it will extend it bullish rally towards the 38000 level. 38000 will act as an immediate resistance for today's session. Chances of some correction from this level. In case banknifty give breakout and started trading above 38050 level then there will be further 400-500+ points rally possible. Strong downside only possible if banknifty drop below 37450 level.