The chart on the left shows the nifty between Jan 1 and May 24. 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 still in the intermediate uptrend that began on April 10 when the index made a bottom at 18,144

The chart on the left shows the sensex between Jan 1 and May 24. 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 sensex.

The sensex and nifty’s long-term trend is best seen as sideways, as they do not have a clear sequence of rising or falling intermediate tops and bottoms. The last two intermediate tops are roughly the same for the sensex and nifty, while the broader CNX Midcap Index and the BSE SmallCap have much lower tops. The BSE SmallCap index has been below its 200-dma for over three months now. The CNX Midcap index has been crossing its longer term moving average both ways for some time now. Both are in major downtrends.