Nifty Update for May 22 - Rakesh Chandra

As mentioned in weekly report, we started our ascent from around Nifty 4915. Counting from here, Nifty is now slated for a 3-4 down wave, on hourly scale. Once Nifty completes the 3-4 down wave, we can look forward to a 4-5 upmove. Monday and Tuesday's fall was on the 4th down wave path. Today, Nifty's recovery is a possible 4-5 upwave on hourly scale. The possible target for this move is 5200-5250. At this point, our wave cylce will be complete again, and market will go on a down cycle. My advice is to try and exit from profitable positions at this level.

June 3-17 is not favorable. For this, go through my Nifty Advance view. There is a possibility of a bull truncation, as we see a EOD sell signal, and hence we are progressing in the direction of this sell signal.