As per two day swing trade currently it is in buy mode and the trend will reverse on move below the 2923 level (future). As per swing trade any move below 2923 will pave way for 2757 and any breach of the same has all chances of nifty moving towards the 2525. The points being discussed in the swing trade are that of the future.
Current trend - Buy
Reversal Value - 2923.
Bankex
Current Price - 4285(future)
Current Trend - Buy
Reversal Value - 3990
Important thing to be noted is that nifty has broken above the sloping trend line from the top of january 2008 and has successfully moved above the 100 Day EMA both of which it has failed to break atleast two to three times during the last 15 months of so. As it has been broken and also with volumes indicates that the down trend has been broken and we might see a good healthy up move in nifty/Indices unless nifty moves below the trend line and also 100 Day EMA both of which are placed at 3000 every dips should be taken as an opportunity to go long.Another point to be noted is that nifty has made a -ve divergence in the hourly chart( indicated in the chart below) and also in extremely over bought in intraday charts all these are indicating towards possible short term correction in indices which has chances of taking nifty below the 3000 level so be prepared accordingly
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