Nifty Future for May 16 - Rakesh Chandra

Once again, everything is going fine according to analysis. Market did resist for about 2 hours during the day as mentioned in yesterday's report. I had said,"... keep in mind that the bears are still smiling, so volatility not be ignored". At the same time, I had said: "now the match is under the bulls control". As we saw, ultimately the price went up, and now the intermediate momentum and direction is upward and accelerating, which will lead to Nifty future's weekly level (check earlier reports). Now it is time for positional traders to take profits home at a comfortable level. Coming Monday, we shall have a new weekly report, and we will add position according to the direction prevalent at the time. Specific stocks would perform according to their technicals.

Intraday bullish level is 5,122.26;

Intraday bearish level is 5,109.74.