MEDIUM TERM----- (As per weekly charts)
• Last swing high is at 5740. (Higher high)
• Last swing low is at 5196. (Lower low)
• Nifty is in corrective up move (from 29th June) with targets (+/-30 points) of 5650**, 5730**, 5840.
• The up move will terminate below 5196.
• Medium term swing high (Higher high) formed at 5740. (As the closing was in red for the week which ended on 15th July)
• ** means target achieved.
SHORT TERM----- (As per daily charts)
• Last swing high is at 5654. (Lower high)
• Last swing low is at 5497. (Lower low)
• Nifty is in down move (from 11th July) with targets (+/- 10 points) of 5580**, 5550**, 5520**. ( All targets achieved)
• The down move will terminate above 5654.
• Short term swing low (Lower low) formed at 5497. (As the closing was in green for the day on 13th July).
• Short term swing high (Lower high) formed at 5654. (As the closing was in red for the day on 15th July).
• ** means target achieved.
Sp. Notes---
• 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.
