Intermediate Trend : still up

The chart on the left shows the nifty between Apr 1 and July 20. 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 uptrend which started on June 30 when the index bottomed out at 30,681 (B-1).

The market remains in an intermediate uptrend which has just entered its third week. The uptrend started on June 30 when the sensex’s preceding intermediate downtrend bottomed out at 30,681. The levels below which an intermediate downtrend would be signalled remain 30,675 for the sensex, 9,425 for the nifty, and 17,325 for the nifty midcap 100. (Figures have been rounded up to the nearest 25).

Most major global markets are currently in intermediate uptrends. The exceptions are Shanghai - which has just entered an intermediate downtrend, and the Nikkei, which has been running sideways for almost six weeks.