The market remains in an intermediate downtrend. The levels below which an uptrend would start are still 19,725 for the sensex, 5,975 for the nifty, and 7,925 for the CNX Midcap. These will rise to the top of the rally that began on Friday. The broader CNX Midcap and BSE Smallcap indices had been sideways for the last week or two, but this week’s decline ended hopes of an early bottom, as they fell to two-month lows.

Most global markets are still in intermediate downtrends. The US indices have just entered an uptrend, though.