Well as we can see in the chart banknifty has created an uptrend channel in the smaller timeframe. Banknifty recently went past its major 34300 resistance and broke its major 1D trendline. After that we've seen it in a slow but trending uptrend. According to my count banknifty still has space until 36100-200 (minor 5th and major 3rd) assuming there are no extensions. One can take advantage of this for intraday trading. For positional long set-ups wait for banknifty to complete its major 4th wave around 35000 (0.382 fib) or 34700 (0.5 fib). From there I see banknifty somewhere around 36900-37000 (.618 fib of inverse wave 3 and 4) to complete it 5th Major wave of the smaller time frame.