Thursday, August 26, 2010

Trend Watch-August 27

• Last swing high is at 5550. (Higher high)
• Last swing low is at 5452. (Lower 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 5454and 5478.
Swing low of 5452 formed now which is lower than previous swing low of 5513.
Please note that currently short term trend is ‘corrective down move’ and medium term trend is ‘up’.