Intermediate Trend : downtrend continues

The chart on the left shows the nifty between Feb 1 and May 24. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms.

The dashed line in the centre of the chart is the 200-day moving average of the nifty.

The market is in an intermediate downtrend which started on May 17 when the sensex topped ed out at 25,927 (T-3).

Long-term Trend : most likely up

The chart on the left shows the sensex between Feb 1 and May 24. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms. 

The dashed line in the centre of the chart is the 200-day moving average of the sensex.

Our market’s long-term is most likely up, with the indices having shown rising intermediate tops. The NSE Midcap 100 has crossed and remained above its 200-day moving average, while the sensex and nifty have been crossing it both ways in the last month.

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