Nifty Future for May 13 - Rakesh Chandra

Nifty future on hourly chart currently trading in 4th wave after completion of 3rd down wave. Still the Elliot oscilltor has not yet given bullish divergence signal. This signal will come only after the upside price move, and then some decline.

For an aggresive trader, booking profit at gap-up area is not a bad idea. One can reenter on some price decline. .Positional traders can hold for weekly upper target.

For intra-day: 5035 is the bullish level and 5019 is the intraday bearish level.