Intermediate Trend : downtrend still on

The chart on the left shows the nifty between February 2 and May 5. 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 now in an intermediate downtrend which started on Apr 15 when the index topped out at 29,095 (T-20).

Long-term Trend : under pressure

The chart on the left shows the sensex between February 2 and May 5. 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 (major) trend is now under pressure, with the sensex and nifty testing their 200-day averages. However, several global markets had recently done so too, only to bounce back strongly later.

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