⦿ Majority of indices are now in a confirmed uptrend.
⦿ Nifty & Banknifty stay in an uptrend under pressure.
⦿ Service index is the only one in a confirmed downtrend.
Momentum→ Negative & improving
⦿ Majority of the indices now have negative & improving momentum.
⦿ Smallcap, Energy, PSE & Realty have positive & improving momentum.
⦿ Auto, IT & PSUbank have negative & worsening momentum.
Swing Confidence → 75
⦿ Both Nifty & Smallcap are in a weekly upswing. On daily charts, Nifty is in early upswing, while Smallcap is in confirmed upswing. Swing Confidence is now 75, which means that new or existing positions can be taken with less than maximum open risk.
⦿ Nifty has taken some resistance at 19465, and is now again getting supported by the 19200-19300 zone. The ribbon is about to turn green, & give us another confirmed upswing.
⦿ Majority of indices are in an early or confirmed upswing.
Breadth → Strong
⦿ Breadth as per moving averages: As % of stocks above both 10-day 20-day, & 50-day MA stay above 50, so we are are above the bullish threshold & the breadth is strong. The % of stocks above 200-day MA also stays in the bullish 70-80 range.
⦿ Net breadth as per 4% advance & decline is positive.
⦿ Market breadth volume, after going down to 0.3 is now staying near 0.5 levels.
Bias → Sideways
Currently, the bias is 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 for past 3 consecutive days.
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.
.png)
.png?disposition=attachment)
