Nifty Weekly Analysis for May 15-19
Updated
Analysis on nifty for upcoming week May 15-19:
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
In the upcoming week, it's important to monitor key levels 18065, 18090, 18100, 18105, 18250, & 18389.
My outlook:
The upcoming trading week looks like non-directional, nifty may stay sideways.
If nifty BO 18390 with strong & clear daily candle then we can expect market to be bullish.
If nifty BD 18250 with strong & clear daily candle then we can expect bears are entering into market.
Until nifty sustains above 18250, we can remain bullish on market.
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
In the upcoming week, it's important to monitor key levels 18065, 18090, 18100, 18105, 18250, & 18389.
My outlook:
The upcoming trading week looks like non-directional, nifty may stay sideways.
If nifty BO 18390 with strong & clear daily candle then we can expect market to be bullish.
If nifty BD 18250 with strong & clear daily candle then we can expect bears are entering into market.
Until nifty sustains above 18250, we can remain bullish on market.
Trade closed manually
Review on last week NIFTY analysis (May 15-19):The weekly market trend followed the projected forecast.
Outlook:
According to our analysis, the Nifty index exhibited a sideways movement throughout the week by facing resistance at 18390 & support at 18065.
Actual:
On Monday, Nifty retested the 18390 level and closed near it. Subsequently, Nifty experienced a three-day decline marked by large red candles, followed by finding support at the aforementioned levels and forming a bullish candle by the end of the week.
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