1. Bank Nifty is in strong bullish momentum 2. This scrip has shown strong bullish run in recent times thus it's a momentum based trade (just like in traders language "Trend is your friend") 3. Post strong bullish run it's in a rest mode now (profit booking) and therefore it's ranging/consolodating 4. Bigger the consolidation breakout with a bullish engulfing candle higher the chances of further bullish run
Now, for conservative traders - they can book their profit at Tgt level 1 and those who wish to continue further long can keep trailing stop loss at the entry point SL level - below bullish engulfing candle (just below the wick)
Impt remark - Dont risk more than 2-3% of your fund in a single trade and don't let emotions takeover your logical mindset, remember "cut the losses short"