Nifty Futures for May 12-17 - Rakesh Chandra

Nifty future on hourly and 5-minute charts is in the oversold area. However, no longs would be entered into, until a buy signal is triggered on hourly charts. I am betting on the higher side of Nifty in the coming days. Strictly rule stop losses, and do not buy, if Nifty futures are below the bearish level.

Weekly Bullish Targets: Price is bullish above weekly pivot point 4,995.87.

Up wave (4-5) UT3 : 5,252
Up wave (2-3) UT2 : 5,181
Up wave (0-1) UT1 : 5,067

Weekly Bearish Targets: Price is bearish below 4,952.13.

Down wave (0-1) LT1 : 4,881
Down wave (2-3) LT2 : 4,767
Down wave (4-5) LT3 : 4,696