Hello Traders, to be honest...it is very heavy to count NIFTY 50 or Bank Nifty in each timeframe this days. Shortterm (20 min chart) the odds are really great that NIFTY50 will decline in a wave (c) of 4 within a flat pattern to ~ 10600 zone, and thereafter with a strong reversal moving up to new ATH`s! Notice that after completing a flat-pattern (one typical pattern within a wave 4) a strong move to the upside is the message this pattern cary in itself! After this possible move to the upside a decline to ~ 10600 zone is a first possible target for the correction!
The same is true for NIFTY Bank! Follow the link below these words... While the odds are not clear I will not label this move as there is more confidence in the pattern of which direction the next move is to look for! I have left a blue impulsive idea that endet Monday after election vote, since than NIFTY Bank is in a corrective phase which is not already done (no impulsive structure to my view) or .....??? With leading indexes at US Markets (Monday is closed for Martin Luther King Day) it is very taff to call new ATH`s for Indian Indexes while on the other hand US Markets will end it`s longest trendphase since many years! But it is true. Long term the chance is great that specially India Markets will lead the next step of advance at Asia Markets. Have a great time.... ruebennase