Certainly current scenario for BANKNIFTY
doesn't look encouraging from bulls perspective. There's an island reversal pattern in daily chart
which indicate we need to be very cautious to go long at least until is cracks 25700/26000. Supports are seen at around 25200, 25000 and 24600. Price of 25000 looks a pretty solid support where we could find price action support, Fib retracement level and psychological support being a round number. So let's be cautious at the moment and I would advice bulls to have their positions hedged with put options. And bears, need to be wary of 25000 mark where it's better to book profits and initiate fresh shorts if 25000 is broken. Let's not forget about Gujarat elections.