Intermediate Trend : downtrend continues

The chart on the left shows the nifty between Nov 1 and Feb 20. 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 downtrend which started on Jan 29 when the sensex topped out at 36,444 (T-2).

The market remains in an intermediate downtrend. The downtrend started on January 29 when the sensex topped out at its all-time high of 36,444. The nifty midcap 100 index topped out earlier on January 15. The level above which an uptrend would be triggered remain unchanged at 34,550 for the sensex, 10,625 for the nifty, and 20,350 for the nifty midcap 100. (All figures have been rounded up to the nearest 25 as usual).

The US and European indices, as also Brazil and Tokyo are currently in intermediate uptrends. The other major global indices except ours have also rallied and are quite close to crossing their uptrend trigger levels.