BANKNIFTY has shown a pole and flag pattern on 1 hour time frame and has been rangebound for a while now. If 36200 level is broken on hourly time frame we could see a good move due to short covering. I would go for next week options and play it for Risk to Reward perspective of 1:3 from BANKNIFTY (Target 37000, SL 35750)
Banknifty sitting on 50% Fib Retracement. Once it crosses the level, chances to touch 61% level in a few days, if momentum persists. Depending upon risk appetite can be configured to a strategy for next weekly expiry or the one after that.
