Used LongBuyLongSell and ProfitMaximizer for this analysis. BANKNIFTY has followed a certain pattern which is likely a price action. As you could visualize in the chart BANKNIFTY making tops and bottoms in Zig Zag manner.
Now at present ,It is very weak and the strength meter shows it is more weak .
What is next : Price drop will start from here ,Nice oppurtunity for the chart.
What is Stoploss : High of the current Bar is Stop loss.