Intermediate Trend : uptrend continues

The chart on the left shows the nifty between July 3 and Oct 19. 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 Sep 28 when the sensex bottomed out at 31,082 (B-2).

The market’s intermediate trend is still up, with the sensex, nifty and the nifty midcap 100 running in uptrends. The uptrend has started on September 28 when the sensex bottomed out at 31,082. The levels below which the uptrend end remain 31,750 for the sensex and 9,950 for nifty, and stands at 18,375 for the midcap 100 index. (All figures have been rounded as usual down to the nearest 25 points).

All major global indices are in intermediate uptrends now, with our market no longer in an unconfirmed uptrend after Monday’s rally. Several markets have been hitting fresh all-time highs, including all the US indices.