Outlook (Wednesday) : Small, mixed moves likely today

European markets declined last night with very small losses. The US indices were ixed, with the Dow posting a small gain, while the NASDAQ slipped fractionally. Asian markets are mixed this morning with small moves. The SGX nifty was down 28 points a little before our open.

Our market was mixed yesterday, and is likely to remain that way today with Asian markets directionless.

Intermediate Trend : uptrend continues

The chart on the left shows the nifty between July 3 and Oct 17. 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 Sep 28 when the sensex bottomed out at 31,082 (B-2).

Long-term Trend : remains up

The chart on the left shows the sensex between July 3 and Oct 17. 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 have generally maintained rising intermediate tops and bottoms, and are above their 200-day averages - indicating that the market’s long-term (major) trend remains up.

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