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.