Outlook (Wednesday) : Stocks likely to go up again today

European markets improved last night with moderate to smart gains. The US indices also went up, with the Dow posting a smart gain, and the NASDAQ a stronger one. Most Asian markets are also up this morning with moderate to smart gains. The SGX Nifty was up 26 points a little before our open.

Our market improved yesterday. It is likely to go up again today in keeping with the trend in global markets.

Intermediate Trend : Main indices still in intermediate downtrends

The chart on the left shows the nifty between Aug 1 and Nov 21. 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 Nov 7 when the sensex topped out at 33,866 (T-3).

Long-term Trend : continues to be up

The chart on the left shows the sensex between Aug 1 and Nov 21. 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 have been maintaining rising intermediate tops and bottoms, and are also well above their 200-day averages, indicating that our market’s long-term (major) trend continues to be up.

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