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

⦿ Majority of indices are now in an uptrend under pressure. This includes all the benchmark indices except CNX500.

⦿ Auto, IT, Metals, PSE & PSUbank are some notable indices still in a confirmed uptrend.

⦿ There is still no index in a confirmed downtrend.

⦿ Majority of the indices have positive but worsening momentum.

⦿ PSUbank is the only index with positive & improving momentum.

⦿ Indices with negative & worsening momentum are slowly increasing in number, with the addition of PVTbank & MNC this week.

⦿ Both Nifty & Smallcap are in a weekly upswing, & in early downswing on daily charts. Swing Confidence is now 0, which means that the LOST (long-only swing traders) should NOT be carrying any open risk.

⦿ Nifty’s 20000 breakout has now failed, with the price re-entering the base to take support around a minor level of 19650. The next strong support now is 19300-19200 zone.

⦿ Majority of indices are in an early downswing.

⦿ Weakening, as the % of stocks above 20-day MA goes below 50. This is the second time in 2 months now, but this time, the weakness is more pronounced.

⦿ As long as % of stocks above 50-day MA are >50%, we are are above the bullish threshold.

⦿ % of stocks above 200-day MA stay comfortably bullish & sustainability 80+ for 3 consecutive weeks now.

⦿ Net breadth, after entering negative territory on Thursday, is back to being just positive.

Currently, the bias is bullish.

⦿ NIFTY is above the 50-day MA for 3-consecutive days.

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

⦿ Sectoral indices are outperforming the benchmark Nifty. PSUbank, CPSE & IT are the top indices showing absolute out-performance. Finance & FMCG shows 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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