Outlook (Wednesday) : Stocks likely to rise today

Most European markets went up last night and posted small to moderate gains. The US markets fell, with the Dow down sharply and the NASDAQ marginally. Asian markets are generally up this morning with small to moderate gains. The SGX Nifty was up 75 points before our open.

Our market declined further yesterday, but may be in for gains today in keeping with Asian stocks.

Intermediate Trend : downtrend continues

The chart on the left shows the nifty between Nov 1 and Feb 20. 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 sensex is in an intermediate downtrend which started on Jan 29 when the sensex topped out at 36,444 (T-2).

Long-term Trend : is still up

The chart on the left shows the sensex between Nov 1 and Feb 20. 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.

The sensex, nifty and nifty midcap 100 indices still have rising intermediate tops and bottoms, and are also above their 200-day averages, indicating that our market’s long-term (major) trend is still up.

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