Nifty Weekly Analysis for May 8-12

2023年5月6日

Analysis on nifty for upcoming week May 8-12:

The Nifty index seems to exhibit a bullish trend in the long-term while showing bearish in the short-term, according to the market structure.

In the upcoming week, it's important to monitor key levels 18040, 18065, 18090, 18105, 18250, & 18270


My outlook:
The upcoming trading week looks like crucial for bulls. Till now bulls had run a quick up trend with gap ups & big green candles of 1300 pts in 21 trading days.

Bulls looks like they have exhausted slightly, on the last trading day, the entry of bears are strong & clear with huge gap down & closed below the opening.

In coming week if nifty sustains above 18040-18105 then we can expect a minor consolidation, until nifty BREAKOUT strong resistance 18250 with strong & clear candle.

In case if nifty BREAKDOWN 18040 level with strong & clear candle in daily time frame, then bears will take control and we may see bear trend to unleash.

2023年5月13日

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Review on last week NIFTY analysis (May 8-12):

The weekly market trend followed the projected forecast.

Outlook:
Based on our analysis, the market is crucial for bulls as we observed a significant bearish entry with a big gap down on Friday.

We anticipate a minor consolidation and further bullishness if Nifty sustains above the 18040-18105 zone.

However, if there is a strong and clear daily candle breakdown below the 18040-18105 zone, we can expect a bearish trend.


Actual:
As expected, bulls demonstrated strong buying momentum by absorbing the prior significant bearish candle and closing above 18250.

Following this, Nifty is testing and finding support at the 18250 level for the remaining days in the week.