Thursday, September 2, 2010

Trend Watch-Sept 2

• Last swing high is at 5469. (Lower high)
• Last swing low is at 5349. (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 corrective up move (from 1st September) with targets (+/-10 points) of 5470**, 5510, 5550.
---The up move will terminate below 5349.

(** means target achieved)

• Nifty traded between 5403 and 5479.
• Swing low of 5349 formed now which is lower than previous swing low of 5390.
Short term downtrend is terminated today as Nifty traded and closed above 5469—swing high.
• Please note that currently short term trend is ‘corrective upmove’ and medium term trend is ‘corrective down move’.