The BankNifty is at a gap fill zone, while it did breach it, it didn't close the gap. Today, the bounce is as expected, but if fill the gap, we have lower gaps to be filled as well. Patience is key.
And we are slowly filling that gap up, almost there. A break of the lower channel, will see us move to the lower (& larger) gap.
So, now we've closed the gap, it's testing the upper channel of the gap, and also an important volume profile zone. Let's see if it can hold its head above that or will it break down - down would indicate we're seeing more downside (possibly filling the below gap as well).
Markets overall are either at ATH, or consolidating sideways. This could either be the trend, or some major news will need to drop before we see a correction.