Nifty Weekly Update for May 19-23 - Inder Bhatia

NIFTY HOURLY:The Indian market closed on green zone breakout from “W” pattern which mention on May-15 newsletter. Nifty target is 5160-5178. The Nifty had touched 5167 and closed at 5151. We could see some profit booking near the 5200-5259 zone . May 22-24 would act as very volatile and choppy day, according to time cluster.

DAILY: Last week the Nifty gained 3.5 percent and bounced from lower channels, to close in the 5151 area. As Nifty is making higher highs and higher lows from 4448, it will face strong resistance near 5340-5400 zone, where the yellow trend line is drawn. The coming week Nifty will face resistance near previous top at 5250-5298. If the Nifty closes above 5160, it could test 5239-5300, and if closes below 5081, it can test lower levels of 5037-4994. For this week, 5108 is the key level.

WEEKLY CHART:- On the weekly charts, we are still range bound with 4900 lower level and 5400 upper strong resistance.