Nifty cmp 11235.
As shown in chart, Preffered wave counts suggesting that Nifty corrected from 11790 to 11209 as part of triangle formation as Wave 4.
Most probably Wave 5 bounce has to begin from current levels towards new all time highs possibly till this Diwaali.
Hence, traders can initiate fresh long positions in Banking stocks and beaten down stocks for this Diwali.
This view hold right, as long as nifty trades above 11150 spot.
Up move confirms once, nifty surpass 11350 spot.