Tuesday, August 24, 2010

Trend Watch-August 25

• Last swing high is at 5550. (Higher high)
• Last swing low is at 5513. (Higher low)

• In the medium term,
--- Nifty is in uptrend (From 12th July) with targets (+/-30 points) of 5400**, 5460**, 5550**. (All targets achieved)
---The up trend will terminate below 5372.

In the short term,
--- Nifty is in corrective down move (from 24th August) with targets (+/-10 points) of 5480, 5460, 5440.
---The down move will terminate above 5550.

(** means target achieved)

• Nifty traded between 5488 and 5547.
• Swing high of 5550 formed now which is higher than previous swing high of 5547.
Short uptrend is now terminated as Nifty trade and closed below swing low of 5513.
Please note that currently short term trend is corrective down move and medium term trend is still up.