---Short Term---
On an hourly chart, a potential Wave C of an Elliott Wave seems to be shaping up here. If this goes ahead, it will break 9,000 and start a new impulse wave back towards 9,200. For intraday strategies, wait till a new Impulse wave 1 shapes up and take positions on the retracing wave 2 of this new EW. Things might be clear after Mondays session.
On...
---Long Term---
A quick look at the daily chart shows a lack of conviction in this market. It needs an external stimulus to gain some momentum, which could be bullish or bearish. Macro factors, mostly from outside of India could be one of those forces. For bulls, any price below 9,000 to 8,800 looks like a decent place to accumulate positions. If the 8,800 support...
----Long Term---
After failing to push beyond 22k in April, Bank Nifty is poised to make a run at it again. The bulls will start accumulating positions at previous lows of 16,800s over the next week. We can see the prices moving north in the first week of June, with the whole of June witnessing a decent bull run.
-Farty
