TREND WATCH------
• Last swing high is at 5105. (Lower high)
• Last swing low is at 4908. (Lower low)
• In the medium term,
--- Nifty is again in down trend (from 17th May) with targets of 4930**, 4860, 4810.
--- The down trend will ‘terminate’ above 5213.
• In the short term,
--- Nifty is again in down trend (from 19th May) with targets 4920**, 4880, 4840.
---The down trend will terminate above 5105.
(Targets are +/- 20 points, ** means target achieved)
IMP. NOTES----
• Nifty traded in small range of 56 points between 4924 and 4980. (Range contraction).
• Swing low of 4908 formed now which is lower then previous swing low of 4966.
• SGX Nifty is trading around 4830, near our targets.
9.30AM UPDATE-----
--Nifty made low of 4842, so all our targets for short term downtrend are achieved now.
--this is a golden opportunity to build portfolio, we are likely to form bottom here. best picks for delivary based buying will be bharti, hdfc, infosys, l&t, reliance
12.40 update----
--Swing high of 4980 formed now, so short term downtrend will be terminated above 4980.
