⦿ Most major indices (including Nifty, Banknifty, CNX500, Midcap & Smallcap) stay in a confirmed uptrend. ⦿ NiftyJr is still under uptrend under pressure. ⦿ PSUbank index rallies 8.5% in a week to enter a confirmed uptrend.
Momentum
⦿ Majority of the indices continue with positive & improving momentum. ⦿ NiftyJr, FMCG, PVTBank & Realty have positive but worsening momentum. ⦿ There is no index with negative & worsening momentum.
Swing
⦿ Both Nifty & Smallcap are in a daily confirmed upswing and a weekly upswing. Swing Confidence is 100. ⦿ As the Bull swing enters its 4th month, Nifty gets extended & starts pulling back towards the swing ribbon. ⦿ Majority of indices are in a confirmed upswing on daily timeframes.
Breadth
⦿ Market breadth stays strong. ⦿ Short-term timeframes are still not overbought. ⦿ Intermediate-term timeframes stay in buy mode. ⦿ Higher timeframes stay comfortably 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.
⦿ Healthcare, Consumption & PSUBank are the top indices showing absolute out-performance.
⦿ Auto & Pharma are the sectors with maximum Net New Highs.
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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