Bank Nifty as of 7th Jan 2020

Bank Nifty Spot -

If corrections has started from 32611 -

a. 32611-32062
b. 32062-32463
c. 32463->31914(100% of 'a')/31784(123.6%)/31704(138.2%)

'c' wave subdividing in 5 waves as -

1. 32463-31962
2. 31962-32111
3. 32111-31172
4. 31172-31850
5. 31850->31357(38.2%)/31052(61.8%) - done @31202 in 5 subwaves?

If 5 waves completed('c' wave) then impulsive move might start holding 31330.

Another possibility - 
4th wave finished @31202 
a. 32156-30998
b. 30998-32611
c. 32611-31202

Now 5th might start,  Also positive divergence can be seen in hourly chart.

Bank Nifty Future (Renko) -
Long aboe 31620, short below 31490