BankNifty Near Term Scenarios and potential trade setups

Banknifty marked a good late pull back in the last week of the series to test the weekly vwap @ 24500 levels. And managed to close below it @ 24300 zones. From a monthly candle perspective, we still formed a negative candle, where monthly highs tested the Jan lows but failed to go past it.

Now here are the few trade scenarios from here:

1. Markets manage to respect immediate 24250 zones and pull back to cross 24500, it can test 24800 levels where a lot of selling pressure may emerge. Above 24800 markets can go on to test 25200 and 25500 levels.
2. On the downside if markets break below 24100 it can test upto 23800 zones. Real selling pressure may only emerge on the break of that.

What could be interesting is that markets manage to test 24100 or lower and manage to pull back to do a test of 24800 in the coming sessions. Then we can see a direction emerging.