Banknifty might also open with a gap-up, supported by Giftnifty. If it breaks the immediate resistance of 38% convincingly, we can anticipate a continuation of the pullback.
Conversely, if it fails to sustain above this level, there might be consolidation between the 38% and the demand zone. In such a scenario, we could wait for a breakout. Should it break the consolidation pattern, we can consider a breakout entry.