Outlook (Thursday) : Stocks may rise again today

European markets bounced back quite strongly last night. The US indices also improved, and posted moderate gains. Most Asian markets are also up this morning with moderate to smart gains. However, the SGX Nifty was down 15 points a little before our open.

Our market rallied further yesterday, and could continue further up today with Asia in the green.

Intermediate Trend : uptrend still on

The chart on the left shows the nifty between April 1 and July 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 in an intermediate uptrend which started on June 12 when the index bottomed out at 26,307 (B-22)

Long-term Trend : being tested

The chart on the left shows the sensex between April 1 and July 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 long-term (major) trend is being tested, as the sensex and nifty have falling intermediate tops and bottoms, and are below their 200-day moving averages again.

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