Stock of the day (Thursday) : Bharti Airtel (buy)

Bharti Airtel finished strong, and could make further gains unless the market falls heavily today. It is a buy recommendation with a stop loss below 367. It would be best bought below 373.

Outlook (Thursday) : Mixed, two-way moves likely today

European markets declined last night, posting moderate to slightly sharp losses. The US indices also fell, with small to moderate losses. Asian markets are mixed this morning with small to moderate moves. The SGX Nifty was down 10 points a little before our open.

Our market rallied yesterday. We may be in for mixed, two-way moves today with Asian markets mixed and the SGX Nifty down marginally.

Intermediate Trend : up

The chart on the left shows the nifty between Mar 3 and July 30. 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 uptrend which started on July 14 when the index made a bottom at 24,892.

Long-term Trend : up

The chart on the left shows the sensex between Mar 3 and July 30. 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 - i.e. major trend - is up, with all the indices remaining comfortably above their 200-day moving averages, and with rising intermediate tops and bottoms.

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