Intermediate Trend : downtrend continues

The chart on the left shows the nifty between June 1 and Sept 2. 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 downtrend which started on July 23 when the sensex topped out at 28,578 (T-22).

Long-term Trend : down

The chart on the left shows the sensex between June 1 and Sept 2. 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.

Our market’s long-term (major) trend has been signalled as down after the Aug 24 sell-off. The sensex and nifty are well below their 200-day moving averages, and had just hit a one-year low.

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