MEDIUM TERM----- (As per weekly charts)
· Last swing high is at 5599. (Lower high)
· Last swing low is at 5233. (Higher low)
· Nifty is in up trend (From 4th March) with targets (+/-30 points) of 5670, 5790, 5840.
· The up trend will terminate below 5233.
SHORT TERM----- (As per daily charts)
· Last swing high is at 5608. (Higher high)
· Last swing low is at 5408. (Higher low)
· Nifty is in corrective up move (From 1st March) with targets (+/-10 points) of 5580**, 5640, 5700.
· The up move will terminate below 5408.
· Short term swing low of 5408 formed now as daily closing was in green today.
· ** means target achieved
· Swing low----- occurs when Nifty closes in green. (Lowest low of last two days will be Swing low.)
· Swing high----- occurs when Nifty closes in red. (Highest high of last two days will be Swing high.)
· Uptrend---forms when we have higher swing low and we trade above last swing high.
· Downtrend---forms when we have lower swing high and we trade below last swing low.
· Corrective up move---forms when in downtrend we trade above last swing high without making higher swing low.
· Corrective down move---forms when in uptrend we trade below last swing low without making lower swing high.
· Targets---are based on Fibonacci retranchment levels between different swings.
· All levels are as per Nifty spot only.