After a big bullish Impluse, BankNifty is correcting. We could see formation of wave C at 40000 levels, If it Indeed is Wave C and retraces at standard Fibonacci Extention of 0.786 from 40000, We could see Bank Nifty falling to 37500 levels.
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There is also a Bearish Head and Shoulder pattern forming in banknifty, Which also indicates target of 37500