Outlook (Tuesday) : Stocks likely to slip further today

European markets declined heavily again last night, and the US indices also were down a bit sharply. Most Asian markets are also down this morning with small to moderate losses. Hong Kong and Shanghai are more sharply so. However, the SGX Nifty was up 3 points just before our open.

Our market fell heavily yesterday and may fall again despite the SGX Nifty being up, as Asia is in the red.

Intermediate Trend : turns down

The chart on the left shows the nifty between April 1 and July 27. 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 intermediate uptrend which started on June 12 when the sensex bottomed out at 26,307 (B-22) is being assumed to be still on.

Long-term Trend : seems to be sideways

The chart on the left shows the sensex between April 1 and July 27. 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.

ket’s long-term (major) trend seems to be sideways once again with the end of the last intermediate uptrend.

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