⦿ Smallcap index enters a confirmed uptrend. ⦿ Other major indices (including Nifty, CNX500, Midcap, Banknifty) stay in a rally attempt, but are on the verge of entering a confirmed uptrend. ⦿ PSUbank index enters a confirmed downtrend.
Momentum
⦿ Most indices (including Nifty, CNX500, Midcap, Smallcap) have positive & improving momentum. ⦿ PSUbank index has negative & worsening momentum. ⦿ IT & Metals are still having negative (but improving) momentum.
Swing
⦿ Nifty is in confirmed upswing, while Smallcap is in upswing under strain. Both are in weekly downswing. Swing Confidence is 50. ⦿ Most indices are in a weekly upswing. ⦿ IT, Media & Metal are the only indices in a weekly downswing.
Breadth
⦿ Market breadth stays strong. ⦿ Short-term timeframes have thoroughly cooled-off. ⦿ Intermediate-term timeframes stay in buy mode ⦿ Higher timeframes on the verge of getting bullish
Bias
Currently, the bias is bullish.
⦿ NIFTY is above its 50-day MA
⦿ Net New Highs stay positive for 3-consecutive days.
Relative Strength (MARS)
⦿ Broader markets are outperforming the benchmark Nifty
⦿ Realty, Auto & NiftyJR are the top indices showing absolute out-performance
⦿ IT & Media show absolute under-performance
That’s all for this week. If you'd like to know when I publish something new, just subscribe to my newsletter and you'll get the latest sent direct to you.
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