Time to stay cautious...

Nifty:

Elliot wave suggests that we are in last leg of the up move which started from 5933. Break of channel will confirm that larger retrace of 5933 -6### is about to set in. 

Bank Nifty:

Similarly Bank nifty is also in last leg of the up move.  Break of channel will set in correction of up move which started from 9944. 

So Plan your trade accordingly and Happy Trading :) 

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