⦿ Trend: Uptrend under pressure
⦿ Momentum: Positive but worsening
⦿ Breadth: Strong but weakening
⦿ Bias: Sideways
⦿ Swing Confidence: 25

⦿ Majority of indices stay in an uptrend under pressure. This now also includes CNX500, which was still in a confirmed uptrend till last week.

⦿ Auto, Infra, Power, 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.

⦿ PSE & PSUbank are the only indices with positive & improving momentum.

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

⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, while Nifty is in a confirmed downswing, Smallcap is in early upswing. Swing Confidence is now 25, which means that the LOST (long-only swing traders) can trade only very cautiously with minimum open risk.

⦿ Nifty is now stuck in a 1000 point range between 19200 to 20200. Any decisive resolution will be beyond a breach of any of these 2 levels. As we are in already a HH-HL formation, till the lower pivot is broken, a bullish outcome seems more likely.

⦿ Majority of indices are in a confirmed downswing.

⦿ % of stocks above 20-day MA stays below 50, very close to last week’s levels.

⦿ 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 stays positive.

⦿ Nifty has closed just above the 50-day MA, but as Nifty is neither above nor below the 50-day MA for 3-consecutive days, the bias is sideways.

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

⦿ On a lower timeframe, the 20-day NNH continue to be negative. With the 52-week NNH positive, this signifies a  phase of correction. If the 20-day NNH becomes positive again, it can be taken as completion of the pullback & resumption of the bullish move.

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