⦿ Trend: Uptrend under pressure
⦿ Momentum: Positive but worsening
⦿ Breadth: Strong but weakening
⦿ Bias: Bullish
⦿ Swing Confidence: 0

⦿ While Nifty, Banknifty & NiftyJr are in uptrend under pressure, CN500, Midcap & Smallcap are still in a confirmed uptrend. As 3 out of these 6 benchmark indices have changed their trend state, we shall consider the overall trend state now as an uptrend under pressure.

⦿ There is still no index in a confirmed downtrend.

⦿ Majority of the indices have positive but worsening momentum.
⦿ Media is the only index with positive & improving momentum.
⦿ Banknifty & PVTBank join FMCG as indices with negative & worsening momentum.

⦿ Both Nifty & Smallcap are in a weekly upswing. While Smallcap is in early downswing, Nifty is in a confirmed downswing. Swing Confidence is 0. No new fresh swing positions for now. Existing positions should be having 0 open risk.
⦿ Nifty has tested its first nearest support at 19300, & now stands at a make-or-break point.
⦿ Majority of indices are in a confirmed downswing. Only Media is in a confirmed upswing.

⦿ Market breadth now weakening on short-term timeframes.
⦿ 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 & PSUbank are the top indices showing absolute out-performance.

⦿ FMCG & Banknifty show under-performance.

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