⦿ Majority of indices stay in an uptrend under pressure.
⦿ Smallcap, Microcap, FMCG & Auto indices enter a confirmed uptrend.
⦿ There is still no index in a confirmed downtrend.
Momentum → Negative & worsening
⦿ Majority of the indices have negative & worsening momentum.
⦿ CNX500, Metal & OilGas join indices with negative & worsening momentum.
⦿ There is no index with positive & improving momentum.
Swing Confidence → 25
⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, while Nifty is in an early downswing, Smallcap is in an upswing under strain. Swing Confidence is now 25, which means that open risk should be kept at a minimum.
⦿ Nifty stays stuck in a 1000 point range between 19200 to 20200. Any decisive resolution is beyond a breach of any of these 2 levels. The fresh swing doesn't seem to be sustaining till now, with an intermediate top having formed at 19850. The current distribution day count is 7, as this week added 2 distribution days.
⦿ Majority of indices are either in early or confirmed downswing.
Breadth → Strong but weakening
⦿ Breadth as per moving averages: % of stocks above 10-day MA goes below 50, while that above 20-day MA is sloping down, but manages to stay above 50. As long as % of stocks above 50-day MA are >50%, we are are above the bullish threshold. The % of stocks above 200-day MA stay comfortably bullish & sustainability 80+ for 7 consecutive weeks now.
⦿ Net breadth as per 4% advance & decline has turned negative.
⦿ Market breadth volume still stays in a healthy territory of 0.5 to 1.
Bias → Sideways
⦿ Nifty has closed below 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 also stay positive.
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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