BANKNIFTY
A lot of consolidation going on at previous gap region. For the past six days it has not given a close above the gap (41680) or below the gap (41380)
Any daily close above or below the mentioned level can take the
BANKNIFTY
the much need direction. Though the bias based on price actions on upper side.
Till the time
BANKNIFTY
gives a direction avoid all positional bets and stick to intraday levels for day trade.
BANKNIFTY
Hourly time frame VCP formation. Important to watch out is 41680 which is the upper level mentioned above. The up thrust candles have above average volume, which is a good sign.
BANKNIFTY
Intraday immediate support resistance levels are marked here.
For more detailed picture check out the below link