Outlook (Thursday) : Stocks likely to improve today

European markets improved again last night and posted moderate to smart gains. The US indices also went up, but with small gains. Asian markets are also up this morning with small to moderate gains. The SGX nifty was up 12 points a little before our open.

Our market was strong once again yesterday, and is likely to go up once again today with global markets, Asia and the SGX Nifty all in the green.

Intermediate Trend : downtrend still on

The chart on the left shows the nifty between May 2 and Aug 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 Aug 02 when the sensex topped out at 32,686 (T-2).

Long-term Trend : is currently up

The chart on the left shows the sensex between May 2 and Aug 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 sensex.

The sensex, nifty and nifty midcap 100 indices are all above their last intermediate tops, as well as their 200-day averages - indicating that the market’s major (longer-term) trend is currently up.

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