Market Quadrant
⦿ Trend: Uptrend under pressure
⦿ Momentum: Positive but worsening
⦿ Breadth: Improving
⦿ Bias: Sideways
⦿ Swing Confidence: 25
⦿ Momentum: Positive but worsening
⦿ Breadth: Improving
⦿ Bias: Sideways
⦿ Swing Confidence: 25
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Trend → Uptrend under pressure
⦿ Majority of indices stay in an uptrend under pressure. This now also includes the Auto index, which was still in a confirmed uptrend till last week.
⦿ Consumption, Infra, Power, PSE & PSUbank are some notable indices still in a confirmed uptrend.
⦿ There is still no index in a confirmed downtrend.
Momentum → Positive but worsening
⦿ Majority of the indices have positive but worsening momentum.
⦿ There are no indices with positive & improving momentum.
⦿ Indices with negative & worsening momentum are slowly increasing in number, with the addition of Nifty & Nifty Jr this week.
Swing Confidence → 25
⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, while Nifty is in a downswing under strain, Smallcap is in early upswing. Swing Confidence is now 25, which means that the LOST (long-only swing traders) can trade very cautiously with minimum open risk.
⦿ Nifty bounced from just above 19300, & stays stuck in a 1000 point range between 19200 to 20200. Any decisive resolution is beyond a breach of any of thes 2 levels.
⦿ Majority of indices are in a confirmed downswing.
Breadth → Improving
⦿ % of stocks above 20-day MA stays below 50, but better than 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 5 consecutive weeks now.
⦿ Net breadth stays positive.
Bias → Sideways
Currently, the bias is sideways.
⦿ Nifty has closed 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 has now turned positive again. With the 52-week NNH already positive, if now the 20-day NNH also stays positive for 3 consecutive days, it can signify a completion of the pullback & resumption of the bullish move.
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