⦿ Almost all indices are in an uptrend under pressure.
⦿ NiftyJr & Realty enter a confirmed uptrend.
⦿ Service index is the only one in a confirmed downtrend.
Momentum → Negative & worsening
⦿ Majority of the indices have negative & worsening momentum.
⦿ Smallcap, PSE & PSUbank have positive but worsening momentum.
⦿ Realty is the only index with positive & improving momentum.
Swing Confidence → 25
⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, Nifty is in downswing under strain, while Smallcap is in early upswing. Swing Confidence is now 25, which means that new or existing positions should be having minimal open risk.
⦿ After taking support at 18800-18900 levels, Nifty took some resistance at 19200-19300, & finally managed to close above it today. The attempted rally now awaits a follow-through day.
⦿ Majority of indices are in a confirmed downswing.
Breadth → Strong
⦿ Breadth as per moving averages: % of stocks above both 10-day & 20-day MA went from being briefly oversold to >50. As % of stocks above 50-day MA also are now >50%, we are are above the bullish threshold. The % of stocks above 200-day MA now stays in the bullish 70-80 range.
⦿ Net breadth as per 4% advance & decline is positive & improving.
⦿ Market breadth volume, after going down to 0.3 is now gradually increasing to near 0.5 levels.
Bias → Sideways
⦿ Nifty has stayed below the 50-day MA for past 3 consecutive days.
⦿ Net New Highs have stayed positive for past 3 consecutive days.
⦿ On lower timeframes, the 20-day & 65-day NNH are also 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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