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Diary
Fri, Aug 29: 0940
CNBC Awaaz
Wed, Aug 27: 1430
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Tue, Aug 26: 1500
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Tue, Aug 26: 1100
CNBC
Fri, Aug 22: 0940
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Wed, Aug 20: 1430
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Tue, Aug 19: 1500
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Tue, Aug 19: 1100
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CNBC
Wed, Aug 13: 1100
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Tue, Aug 12: 1500
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Tue, Aug 12: 1100
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Fri, Aug 08: 0940
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THE
MARKET |
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Wednesday's
Outlook
Aug
28 (10:00) -European markets were mixed last night, while the US
indices rallied. Asian markets are in the red this morning, with the
Hang Seng down sharply and the Nikkei marginally. The global
short-term trend is down just now. We can accordingly expect another
decline today. [More] |
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Stock of
the day
Aug
28 (10:00)
-Lanco Infratech closed at a
six-week low, and could decline further unless the market bounces
back strongly today. It is a short-selling recommendation with a
stop loss above 294. It would be best sold above 290.
The recommendations made here are always one of many (picked at
random) that we make every morning in the
Trendwatch Daily Hotline. |
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Longer-term: Intermediate
downtrend still on
Aug
28 (10:00)
-The market is still in an intermediate downtrend. The downtrend
started on July 12, and is two weeks old now. The levels to be
crossed for a new intermediate uptrend remain 14,746 for the sensex,
4,435 for the Nifty and 5,791 for the CNX Midcap index. These are
within reach of a reasonably strong rally.
Most global indices are still in intermediate downtrends, but many
of these had moved close to their intermediate uptrend triggers. The
Dow is now 2.6% below its uptrend trigger of 11,684.
This intermediate downtrend has cost the sensex 1,444 points which
works out to 47% of the 3,066 points gained in the previous uptrend.
A bull market will become a possibility if an uptrend were to
develop around these levels, as the sensex would then be making a
much higher bottom than the preceding one of 12,514 established on
July 16.
A bull market would be confirmed if the sensex closes above its
previous intermediate top of 15,580. The equivalent is 4,650 for the
nifty, and 6,016 for the CNX Midcap.
There was no change in the major trend of any of the Hotline stocks
yesterday.
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