Tuesday, August 31, 2010

Trend Watch-Sept 1

• Last swing high is at 5469. (Lower high)
• Last swing low is at 5390. (Lower low)

• In the medium term,
--- Nifty is in corrective down move (From 31st August) with targets (+/-30 points) of 5280, 5210, 5150.
---The down move will terminate above 5550.

• In the short term,
--- Nifty is in down trend (from 27th August) with targets (+/-10 points) of 5420**, 5380**, 5350**. (All targets achieved)
---The down trend will terminate above 5469.
(** means target achieved)

• Nifty traded between 5349 and 5414.
• Swing high of 5469 formed now which is lower than previous swing high of 5495.
All targets for short term down trend achieved today.
• Medium term uptrend is terminated today as Nifty traded below 5372.
• Please note that currently short term trend is ‘down’ and medium term trend is ‘corrective down move’.