markets are moving on downword parallel channel, it has broke the fib 0.5 level and still moving, market will face a huge suppor at 16700, at 16700 also has a fib support of 0.61(considered as a good support)
NSE:BANKNIFTY
bank nifty is in parallel channel, wait till the market comes @ sopport area(lower parallel line) the you can go long, with good R2R ratio, stoploss would be plased below the support line.
But don't SHORT the market @ Resistance line(upper parallel line) because market is in uptrend, so try to cath the Dips
