Monday, May 24, 2010


• Last swing high is at 4980. (Lower high)
• Last swing low is at 4842. (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 in corrective up move (from 24th May) with targets of 4990**, 5040**, 5090.
--- The corrective up move will ‘terminate’ below 4842.

(Targets are +/- 20 points, ** means target achieved)

• Nifty traded in big range of 106 points between 4923 and 5029. (Range expansion).
• Short term down trend is now terminated and in short term, Nifty is now in corrective up move.
• Swing low of 4842 formed now which is lower then previous swing low of 4908.
• Long upper shadow formed today which is bearish.

*****12.30pm update***
---Nifty made low of 4831, so almost all targets for medium term down trend also achieved now.
---Swing high of 5029 formed now.