Intermediate Trend : uptrend still on

The chart on the left shows the nifty between Jan 1 and Apr 25. 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 in an intermediate uptrend which has started on March 23 when the sensex bottomed out at 32,484 (B-1).

The market’s intermediate trend continues to be up, with the main and midcap indices all going through one. The uptrend had started on March 23, when the sensex bottomed out at 32,484. The level below which the intermediate uptrend would end remains the same at 32,950 for the sensex, 10,100 for the nifty, and 19,775 for the nifty midcap 100. (All figures have been rounded down to the nearest 25, as usual).

The Dow appears to have gone into an intermediate downtrend last night, while Shanghai entered an uptrend. The other main global markets are in uptrends, only the Hang Seng is sideways.