Sunday, August 29, 2010

Trend Watch-August 30

• Last swing high is at 5495. (Lower 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 down trend (from 27th August) with targets (+/-10 points) of 5420**, 5380, 5350.
---The down trend will terminate above 5495.
(** means target achieved)

• Nifty traded between 5392 and 5495.
• Swing high of 5495 formed now which is lower than previous swing high of 5550.
All targets for corrective down move are achieved now.
• Nifty closed below swing low of 5452, so corrective down move is converted in to down trend.
• Please note that currently short term trend is ‘down’ and medium term trend is ‘up’.