Stock of the day (Tuesday) : JK Lakshmi Cement (buy)

JK Lakshmi Cement finished strong, and could make further gains unless the market falls heavily today. It is a buy recommendation with a stop loss below 309. It would be best bought below 314.

Outlook (Tuesday) : Stocks may slip today

European markets were mixed and little changed last night. The US stock and commodity markets were closed for Labor Day. Asian markets are also mixed with moderate moves this morning. The SGX Nifty was down 24 points shortly before our open.

Our market rallied smartly yesterday, but may slip today with the SGX Nifty down.

Intermediate Trend : uptrend still on

The chart on the left shows the nifty between May 2 and Sept 1. 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 now in an intermediate uptrend which started on Aug 8 when the index made a top at 25,233 (B-17).

Long-term Trend : up

The chart on the left shows the sensex between May 2 and Sept 1. 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 is up, with all indices persisting above their 200-day moving averages, and with rising intermediate tops and bottoms.

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