Outlook (Wednesday) : Mixed moves likely today

European markets improved last night with small to moderate gains. The US markets also went up, and posted small gains. Asian markets are mixed this morning with fairly small moves. The SGX nifty was down 4 points a little before our market opened.

Our market was mixed and little changed yesterday, and is likely to make similar moves today in keeping with Asian markets.

Intermediate Trend : uptrend continues

The chart on the left shows the nifty between June 1 and Sept 19. 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 Aug 11 when the sensex bottomed out at 31,128 (B-2).

Long-term Trend : is still up

The chart on the left shows the sensex between June 1 and Sept 19. 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 have generally maintained rising intermediate tops and bottoms, and are above their 200-day averages - indicating that the market’s major (long-term) trend is still up.

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