Intermediate Trend : uptrend continues

The chart on the left shows the nifty between Mar 1 and June 23. 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 been in intermediate uptrends since Dec 26, but there have been several short-lived corrections. The nifty midcap 100 index has been in one since May 30. The levels below which an intermediate downtrend would be triggered are unchanged at 31,000 for the sensex, 9,550 for the nifty, and 17,750 for the nifty midcap 100 index. (Figures have been rounded down to the nearest 25).

Only a few global indices are in intermediate downtrends now, including the NASDAQ Composite, FTSE-100, Hang Seng and BOVESPA. All the other important indices are in intermediate uptrends, and many including the Dow have been hitting new highs.