⦿ Trend: Uptrend under pressure
⦿ Momentum: Positive but worsening
⦿ Breadth: Strong
⦿ Bias: Sideways
⦿ Swing Confidence: 75

⦿ While Nifty, Banknifty & NiftyJr are in uptrend under pressure, CN500, Midcap & Smallcap are still in a confirmed uptrend. We stay overall in an uptrend under pressure.

⦿ Auto, Metal & Realty move up to a confirmed uptrend.

⦿ There is still no index in a confirmed downtrend.

⦿ Majority of the indices have positive but worsening momentum.

⦿ Many indices now showing positive & improving momentum, including Midcap, Smallcap, Auto, Metal, Realty & IT.

⦿ Financials & FMCG continue with negative & worsening momentum.

⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, while Smallcap is in confirmed upswing, Nifty is in an early upswing. Swing Confidence is 75.

⦿ 19200-19300 zone has proven to be a strong support zone for Nifty. Today it has bounced back from this zone, & managed to close just above the swing ribbon to enter an early upswing.

⦿ Majority of indices are in either an early or a confirmed upswing.

⦿ Market breadth is strong again.

⦿ Short-term timeframes have regained their strength.

⦿ Intermediate-term timeframes stay in buy mode.

⦿ Higher timeframes stay comfortably bullish.

⦿ Currently, the bias is sideways.

⦿ NIFTY has today closed above its 50-day MA. We need 3-consecutive days of it staying above (or below) the 50-day MA for consideration in the bias assessment.

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

⦿ Sectoral indices are outperforming the benchmark Nifty.

⦿ Media, Smallcap & CPSE are the top indices showing absolute out-performance.

⦿ FMCG & Banknifty 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.

👉 Follow me on Twitter