The intermediate uptrend which began on Dec 20 when the sensex bottomed out at 15,136 continues. The levels below which the uptrend would end remain 17,575 for the sensex, 5,300 for the nifty and 7,325 for the CNX Midcap Index. (Figures have been rounded down to the nearest 25). These levels would rise to the bottom of the next minor decline.

The global intermediate uptrend is still on, and European markets have just made 6-7 month highs. The Dow would fall into an intermediate downtrend if it were to breach 12,700 (figure rounded down to the nearest 25). The sensex, nifty and CNX Midcap index have all climbed up to six-month highs.