⦿ Trend: Confirmed Uptrend
⦿ Momentum: Positive but worsening
⦿ Breadth: Strong
⦿ Bias: Bullish
⦿ Swing Confidence: 25

⦿ While more & more indices are entering an uptrend under pressure, we are still overall in a confirmed uptrend.
⦿ Nifty & Banknifty, already in uptrend under pressure, are joined by FMCG & PVTbank this week.
⦿ There is still no index in a confirmed downtrend.

⦿ Majority of the indices have positive but worsening momentum.
⦿ IT, Media & Pharma are the only indices with positive & improving momentum.
⦿ FMCG is the only index with negative momentum.

⦿ Both Nifty & Smallcap are in a weekly upswing. While Smallcap is in upswing under strain, Nifty is in a confirmed downswing. Swing Confidence is 25.
⦿ With the swing ribbon red & expanding, Nifty seems all set to test its first nearest support at 19300.
⦿ Midcap index is still in a confirmed upswing. Majority of indices are in a downswing.

⦿ Market breadth shows early signs on weakening on very short-term timeframes.
⦿ Short-term timeframes weakening from last week, but still within neutral range.
⦿ Intermediate-term timeframes stay in buy mode.
⦿ Higher timeframes stay comfortably bullish.

Currently, the bias is bullish.

⦿ NIFTY is above its 50-day MA.

⦿ Net New Highs stay positive for 3-consecutive days.

⦿ Sectoral indices are outperforming the benchmark Nifty.

⦿ Media, Pharma/Healthcare & CPSE are the top indices showing absolute out-performance.

⦿ FMCG & Banknifty show absolute under-performance.

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