Hot Stocks | Bharti Airtel, United Spirits, IGL three buy recommendations for the short-term

There is a very popular saying in Dalal Street - Sell in May and go away. But the question for now is - are the price patterns reflecting this trend?

The phrase has not always proved to be correct but May and October are the two significant months as far as the time cycle of the market is concerned.

If one axis of the chart in technical analysis studies the information regarding price, the other one deals with the time which is often ignored.

As per the time cycle, the month of May has seen major movements in the market but was not always on the downside.

We witnessed two upper freezes in the year 2,009. To be precise, the major moves that were registered as per the time cycle have taken place between 16th to 20th May (most of the time) and traders need to be cautious to avoid damages.

Looking at the current scenario, we can say that Nifty is trading in a short-term range of 9,380 to 8,900 and considering the time cycle, we could see major moves in the coming days if Nifty trades on either side of the above-mentioned levels.

Levels of 10,000 can be witnessed in the current month in case of higher range trades. On the flip side, 8,000 can be seen quite easily if 8,900 gets traded on a closing basis.

As of now, wait and watch policy need to be adopted and let prices and time cycle decide the next leg of the market.