Intermediate Trend : uptrend continues

The chart on the left shows the nifty between June 1 and Sept 22. 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 uptrend which started on Aug 11 when the sensex bottomed out at 31,128 (B-2).

The market’s intermediate trend is still up. The uptrend began from the sensex’s August 11 low of 31,128. The midcap and small-cap indices have started making new all-time highs, as are a few global indices. The levels below which the intermediate uptrend would end remain the same at 31,550 for the sensex, 9,850 for the nifty, and 18,150 for the nifty midcap 100 index. (All figures rounded down to the nearest 25 as usual).

Most global indices continue to maintain intermediate uptrends. However, London’s FTSE-100 and the Shanghai Composite Index are in downtrends. The US indices have been making fresh all-time highs during this rally.