Intermediate Trend : uptrend revived

The chart on the left shows the nifty between Feb 1 and May 26. 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 Dec 27 when the sensex bottomed out at 25,754 (B-2).

The sensex and nifty have bounced back after getting to the brink of falling into intermediate downtrends, and their uptrends are still on. The nifty midcap 100 index is in a downtrend. The levels below which an intermediate downtrend would be triggered remain 30,100 for the sensex and 9,350 for the nifty (Figures rounded down to the nearest 25). The nifty midcap would have to go above 18,525 to start a new uptrend.

Global markets are in mixed intermediate trends. The US indices are back in uptrends. The Hang Seng, Nikkei, London’s FTSE-100 and our market are also in uptrends, while Shanghai, DAX, CAC-40 and Brazil are still in intermediate downtrends.