Technical Analyst, owner of TRADEMANIAC
The level for short covering the Bank Nifty index is 39660 and 39760 and 39843. In order to test the 38.2% false threshold, which is 39660, Bank Nifty may start the day near 39500 and climb above 39555 to hold above it. The Bank Nifty must maintain above 39660 in order to go towards 39765 and remain in the positive zone. Watch though, since if Bank Nifty can't hold above 39556, it can fall towards 39260, 39043, and 38940. So, anticipate a swing market today and employ the hit-and-run scalping strategy.
I'm going to short if it breaks previous day low or getting rejected from the magic box