14.6.2010 nifty

The short term trend remains up with further/ additional confirmation coming today. Consider trend to be up as long as 5150 holds in futures.On hourly charts, a channel is visible. While this does not have any bullish or bearish implications, it shows the trading limits before some reversal can happen.On EOD charts, the kplswing has given a BUY (N=20).The last trade (SELL) has given a minor loss. Incidentally, this indicator has whipsawed 5 times in last 6 months due to the rangebound nature of the markets. On a different note, a whipsaw itself alerts one to likely of a rangebound market. Because of this rule, a buy signal shd be ignored on nifty unless one is having tight/ trailing SLs.