BANKNIFTY Hourly Chart
it seems it is in correction after the hourly wave 5th.
38% correction already done by banknifty.
It may resume uptrend if reverse from 34479 other wise may go for further correction upto 61.8% which is very low at 32770 appx.
BANKNIFTY seems to be in 2nd wave....
And it might open GAP UP.
The retracement of wave 1 is appx 93% The invalidation for the analysis is 35430 (that can act as SL for longs)
Always understand the risk in the underlying security.
In my view it is correcting in a Flat after 5th wave we may see 14200-14300 level if the pattern comes true...!
Would not suggest a sell but will say wait for longs...!
In higher degree higher targets are available but let it consolidate between 14200-14700 range.
We can wait for a flat to complete for longs...!