Outlook (Thursday) : Stocks may slip today

European markets went up last night and posted moderate gains. US indices were mixed, with the Dow posting a small loss, and the NASDAQ a moderate gain. Most Asian markets are down this morning with moderate losses. However, the SGX nifty was up 6 points at around 0910.

Our market went up yesterday, but is likely to slip today with Asian markets having gone into the red.

Intermediate Trend : uptrend continues

The chart on the left shows the nifty between Dec 1 and Mar 29. 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 Dec 27 when the sensex bottomed out at 25,754 (B-2).

Long-term Trend : is up

The chart on the left shows the sensex between Dec 1 and Mar 29. 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 are all above their last intermediate tops, as well as their 200-day averages - indicating that the market’s major (longer-term) trend is comfortably up. We are in fact now at that stage of the bull market where indices have started making all-time highs.

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