Banknifty is tracing a Ascending triangle from 1st Oct taken 2 rejections from 38116 level. 1 more rejection may be possible at 38116 but if it breaks that resistance and sustains we may expect Banknifty to reach as high as 39350 levels very soon. If it fails to break upside and gives a break out in downside then we can expect a good fall upto 36900 levels. Don't forget to Take full advantage of the breakout this time.