SHORT TERM----- (As per daily charts)
• Last swing high is at 5680. (Lower high)
• Last swing low is at 5611. (Higher low)
• Nifty is in up trend (From 7th July) with targets (+/-10 points) of 5710**, 5740**, 5770.
• The up trend will terminate below 5611.
• Short term swing high (Lower high) formed at 5680. (As the closing was in red for the day on 4th July).
• Short term swing low (Higher low) formed at 5611. (As the closing was in green for the day on 7th July).
• Short term up move converted in to uptrend as Nifty traded above 5680.
• ** 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.