BNF looks weaker as compared to Nifty, possible reasons maybe it was waiting for RBI meeting or Banks still awaiting the guidance from Govt on interest on interest thing after Court orders
whatever may be the real reason - the Indian index is struggling to fire as compared to the US index. this doesn't mean that when US index will rise Indian index should also rise :) Though they have a good correlation but looking at increasing covid rates in India we have seen some sort of divergence from US indexes. by divergence I mean - when US index falls definitely Indian index also falls but when the US index rise it may happen that the Indian index will consolidate rather than rise
What can be good entry points for positional long trades in BNF - in a bullish run it is always a good time to enter provided you have deep pockets to hold on trade during drawdowns or you are skilled enough to cover your positions through options
still, I have marked few support areas that may give some good bounce and good risk - reward
I prefer hedging with options rather than SL for positional trades but feel free to take any SL based on your risk appetite . buying a fut and hedge with weekly PE if required