Intermediate Trend : uptrend still on

The chart on the left shows the nifty between Oct 3 and Jan 16. 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, nifty and the nifty midcap 100 all continue to remain in intermediate uptrends. The uptrend started on December 6 when the sensex bottomed out at 32,565 (B-1).

The market’s intermediate trend remains up, with the sensex, nifty and nifty midcap 100 all going through uptrends. The uptrend started on December 6 when the sensex bottomed out at 32,565. The levels below which the intermediate uptrend would end remain 33,700 for the sensex, 10,400 for the nifty, and 20,825 for the midcap 100. (Figures have been rounded down to the nearest 25 as usual).

All major global indices are currently going through intermediate uptrends, with the German DAX also entering one - albeit a little later than others. Several indices are routinely hitting new all-time highs.