NIFTY projected path after it hits bottom (ignoring a small 150/250 bounce as internal W4 which will waste footage only other than correcting the oversold oscillators).
If it's ED4, another ATH will come from 11100-10900 Zone (green path).
If it's W4, fall may continue after a considerable big bounce upto 11500-11700 zone then red path back to 10700-10500...
Go long with 11570 CBSL (Day candle close below) . Target ATH.
If SL hits, attempt another long near 11500 with 11480 SL touch basis.
Final SL for long is 11420 touch.
NIFTY remains bullish as long as 11420 is intact.
Short the bounce only after 11420 is taken out for target 103XX/102XX.
All three possibilities from here. Black & Green count point towards ATH, Red count is bearish towards 10300/200.
NIFTY is making a bullish Flag on chart, so bullish counts are preferred over the red one.
NIFTY has gap to fill up at 11381, so black count is preferred over the green one.
On a larger TF NIFTY is doing ED from 9951 and if one hrly candle closes above Friday's high, it's either going for 11490/11540/116XX (B of D of ED) or ATH (E of ED) .
As long as a day doesn't close below 11100, I'd prefer to stay bullish.
If C4 was done at 11146, NIFTY might go for a bullish breakout soon.
But, it's still not clear whether it'll be a journey towards new ATH, or just a good bounce before more lower levels.
Still, it'll be prudent to go long on breakout, as even a bounce will be big enough.
Ideal SL is 11650 for this long trade, but it's still too far away. Not good RR yet.
A more logical SL could be break and sustain of the next Trend line.
Suggest long entry on sign of reversal as it is still bearish, or above 11880 for safe traders.
Target new ATH+++
Short the hell out of NIFTY if Bank NIFTY breaks down on Monday.
Between 11200-11350 is no trade zone. Short sustaining below 11200 for a minimum target of 10940. SL sustaining above 11350.
Or else short as close to 11350 as possible if it's going up for a low RR trade.
Sustaining above 11350, low done and reverse for 12K+