Nifty remains in an intermediate uptrend: Subash Gangadharan of HDFC Sec

Nifty has recently made higher bottoms at 14,416 and 14,591 and continues to trade above the 20 and 50-day SMA

Nifty outlook
 

On the daily chart, the Nifty index continues to hold above a rising trend line that has held the important lows of the last few months. This implies that the index remains in an intermediate uptrend. The Nifty has also recently made higher bottoms at 14,416 and 14,591 and continues to trade above the 20 and 50-day SMA, which gives further evidence of an uptrend. We expect the Nifty to move higher towards the lifetime highs of 15,432 and beyond in the coming sessions. Our bullish bets are off if the Nifty moves below the lows of 14,884.