Dalal St's intermediate uptrend may be over

Dalal St's intermediate uptrend may be over

he market fell during each of the four sessions last week, at the end of which the Sensex finished 1.91% or 341.96 points lower, and the Nifty ended 1.85% down. The CNX Midcap Index lost 1.12%.

Infosys was the biggest winner among index stocks with a 4.0% gain. The other index stocks to go up included TCS, Tata Steel, Hindustan Unilever and Sun Pharmaceutical with gains between 2.8% and 1.7%. HDFC was the biggest loser among index stocks with a 5.9% loss. The other index stocks to go down included ICICI Bank, Reliance Communications and Sterlite Industries with losses falling between 5.8% and 5.4%.

Ruchi Soya Industries was the biggest winner among the more heavily traded non-index stocks with a 13.6% gain. The other non-index stocks to go up included Indiabulls Financial, Valecha Engineering, Balrampur Chini, Unitech, Jet Airways, JSW Steel and Zee Entertainment with gains between 10.4% and 3.8%.

Amrutanjan Health Care was the biggest loser among the more heavily traded non-index stocks with a 27.8% loss. The other non-index stocks to go down included Intrasoft Technologies, Syncom Healthcare, United Spirits, Essar Oil, Punj Lloyd, Kotak Mahindra Bank and IDFC with losses falling between 11.9% and 7.2%.

INTERMEDIATE TREND:

The market’s intermediate trend appears to have turned down with the Sensex breaching its intermediate downtrend trigger level of 17,650, the Nifty going below 5,275, and the CNX Midcap falling below its equivalent of 7,875. These levels are the lows of the previous minor decline, rounded down to the nearest 25.

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