Nifty Update for May 15 - Bulls in Control - Inder Bhatia

Hourly Chart: The Indian market closed in the green. After a shaky start, Nifty found its ground near the 200-hour SMA, and started its upward journey, managing to close above its day's high.

Nifty is making a “W “ pattern on hourly char. In the coming session, if Nifty trades above 5031, it will test 5066. If Nifty breaks 5066, and trades convincingly upward, its target would be 5150-5178. On the lower side 4930 will act strong support.

Buy Nifty above 5028; T5060 - 5077; stoploss 4995.