Intermediate Trend : downtrend still on

The chart on the left shows the nifty between May 4 and Aug 28. 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 July 23 when the sensex topped out at 28,578 (T-22).

Long-term Trend : down

The chart on the left shows the sensex between May 4 and Aug 28. 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 has been signalled as down after Monday’s sell-off. The sensex and nifty are well below their 200-day moving averages, and had just hit a one-year low.

Syndicate content