Outlook (Tuesday) : Stocks likely to go up today

European markets were mixed and little changed last night. The US indices posted small gains. Most Asian markets are up this morning with small to moderate gains. The SGX Nifty too was up 9 points at around 0940.

Our market was mixed yesterday, with the main indices falling while midcaps inched up. It is likely to improve today with Asian markets in the green.

Long-term Trend : is up

The chart on the left shows the sensex between Nov 1 and Feb 23. 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 are now all above their previous intermediate tops, as well as their 200-day averages - indicating that the market’s major (longer-term) trend is now comfortably up, after being recently tested.

Intermediate Trend : uptrend continues

The chart on the left shows the nifty between Nov 1 and Feb 23. 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 uptrend which started on Dec 27 when the sensex bottomed out at 25,754 (B-2).

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