Nifty Future for May 19-23 - Rakesh Chandra

The Nifty intermediate momentum has turned upward. We are currntly trading the 2-3 up wave on the hourly scale. We need an extended 3rd or 3-4 wave consolidation and then a 4-5 upwave to complete the cycle.

The following is for current week only:

The upper targets are:

Upwave (4-5) UT3 : --5,373;
Upwave (2-3) UT2 : --5,315;
Upwave (0-1) UT1: --5,222;

Price is bullish above weekly pivot point 5,165.

Price is bearish below weekly pivot point 5,128.17);

Lower target down wave:

Downwave (0-1) LT1 : 5,070;
Downwave (2-3) LT2 : 4,977;
Downwave (4-5) LT3 : 4,919;

Intraday bullish level 5,150);
Intraday bearish level 5,141.06).