Intermediate Trend : downtrend still on

The chart on the left shows the nifty between Dec 1 and Mar 16. 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 sensex is in an intermediate downtrend which started on Jan 29 when the sensex topped out at 36,444 (T-1).

All the indices are still in intermediate downtrends. The sensex and nifty have been in a downtrend since Jan 29, when the sensex topped out at its all-time high of 36,444. The midcap 100 index topped out earlier on Jan 15. The levels above which an uptrend would be triggered are the same at 34,100 for the sensex, 10,500 for the nifty, and 19,900 for the nifty midcap 100. (All figures have been rounded up to the nearest 25 as usual).

A few of the major global indices have rallied back into intermediate uptrends. These include the US indices, Shanghai, Tokyo’s Nikkei, the French CAC-40 and Brazil. Other indices are a couple of rallies away from an uptrend.