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).

The sensex and nifty remain in intermediate downtrends while the nifty midcap 100 has just re-entered an uptrend. The downtrend for the main indices started on Nov 7 when the sensex topped out at 33,866. The levels above which the downtrend would end remain 33,875 for the sensex, and 10,500 for the nifty. The midcap 100 index would go into a downtrend below 19,125. (Figures rounded to the nearest 25).

Global indices are in mixed intermediate trends. The major indices in uptrends are now the Dow, the NASDAQ composite, Hang Seng, Tokyo’s Nikkei and Shanghai. The rest are in downtrends.