Intermediate Trend : uptrend continues

The chart on the left shows the nifty between Apr 1 and July 28. 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 30 when the index bottomed out at 30,681 (B-1).

The market’s intermediate trend remains up, and is in its fourth week. The uptrend began on June 30 when the preceding intermediate downtrend bottomed out at 30,681. The sensex and nifty are at new all-time highs. The level below which the intermediate uptrend would end remains 31,800 for the sensex and 9,825 for the nifty, and is a bit higher at 18,075 for the nifty midcap 100. (Figures rounded down to the nearest 25).

Most major global markets are still in intermediate uptrends, with the German DAX and French CAC-40 the only significant downtrends. The Nikkei is also not in an uptrend, but has been in a narrow sideways band for some seven weeks now.