As we can see BANKNIFTY has again closed around its important resistance and a psychological level of 41500-600 levels hence now there could be only two scenarios now, firstly BANKNIFTY has confirmed the breakout by testing the trendline which previously acted as a resistance and now acting as a support! only if BANKNIFTY closes above 41700 levels we can see BANKNIFTY making new highs but on the other hand if BANKNIFTY fails to sustain itself above 41700 levels then we can expect this as a false breakout and the downtrend might continue so keep watching and make positions accordingly