Technical Analyst, owner of TRADEMANIAC
Banknifty breakout level is 39255. If this level sustains, Banknifty may reach 39400 & 39500. If 39240 is not sustained then downside target is 39000, 38870.
Banknifty is now in weekly breakout zone. Final target of this breakout is 40240, 40500
Positionally it may retest once 38400-450 & 36550.
I'll deploy a straddle (September month).