Banknifty's Short-term Analysis on a hourly Chart

Banknifty is trending in an impulsive wave( likely to be the 3rd wave) which just retraced from 138.2% of the length of the 1st wave. Again, it started moving higher towards 161.8% of the 1st wave i.e. approx. 42000 level. If it manages to get past the 41200 level, we can see a surge.