Outlook (Wednesday) : Stocks likely to fall today

Most European markets rose last night with small to moderate gains. The US indices fell, with the Dow down marginally and the NASDAQ moderately. Asian markets down this morning with small to moderate losses. However, the SGX Nifty was up 11 points just before our open.

Our market fell yesterday and is likely to drop further today in keeping with Asian markets.

Intermediate Trend : uptrend still on

The chart on the left shows the nifty between Oct 3 and Jan 16. 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, nifty and the nifty midcap 100 all continue to remain in intermediate uptrends. The uptrend started on December 6 when the sensex bottomed out at 32,565 (B-1).

Long-term Trend : continues to remain up

The chart on the left shows the sensex between Oct 3 and Jan 16. 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 rising intermediate tops and bottoms, and are also well above their 200-day averages, indicating that our market’s long-term (major) trend continues to remain up.

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