BANKNIFTY: Potential Selling Pressure Ahead

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Topic Statement: BANKNIFTY may face selling pressure as the breakdown of the long-term trendline signals a downtrend towards retracement levels which will act as potential support zones.

Key Points:
1. The long-term trendline breakdown indicates a downtrend.
2. Retracement levels will be the targets during a correction.
3. Medium-term correction may occur up to the 38.2% retracement level with support around 40,000.
4. Long-term correction may occur up to the 50% retracement level with support around 35,000.