On weekly timeframe, NSE:BANKNIFTY shows a strong rejection at 71.6% Fibonacci retracement levels with a Bullish Engulfing [/i ] candlestick pattern.
One can constantly go long, on the break of 25500 levels on spot for a target above 26300+
As on 18/09/18, Bank Nifty is in downtrend as per candlestick pattern and also moving averages. Crucial Resistance level is 26644.36 and crucial support is 26363.54. If it breaks 26390 then sell bank nifty for target 26302/26131/26041 with stoploss 26500. Also, Bank Nifty is forming bearish engulfing in monthly time frame.