Let us look at some charts..
Topmost is Nasdaq 100, Candlestick is Dow, The next red line is Nifty and the bottom red line is Bank Nifty. We see heavy divergence based on the constituents of the Indices.
For our Nifty, recovery last week was not very convincing. Immediately taking out the Secondary top of last cycle, that of 9584 looks like a tall order. So we expect a rise from present position and a fall into June 01 or June 02 from which a meaningful rise should start.If the rise continues beyond May 26, then the next cycle belongs to bulls.
Mercury Conjunct Venus is a long term indicator of change of acceleration in the markets.Hopefully low of May 18, is the low for this conjunction.
We are going through a slightly tricky phase. So have your protections on please.