⦿ Majority of indices are now in a confirmed uptrend.
⦿ Media & Consumer Durables are in an uptrend under pressure.
⦿ There is no index in a confirmed downtrend.
Momentum → Negative & improving
⦿ Majority of the indices have negative & improving momentum.
⦿ Microcap & Power join the indices with positive & improving momentum.
⦿ Media & PSUbank still have negative & worsening momentum.
Swing→ Confirmed Upswing
⦿ All broad indices are in a confirmed upswing.
⦿ Both Nifty & Smallcap are in a confirmed upswing. Swing Confidence is now 100, which means that new or existing positions can be taken with the maximum permissible open risk.
⦿ Nifty has taken some resistance at 19850, but with a confirmed upswing, looks all set to test its previous highs.
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 is almost at the benchmark 1.0 level, which shows a mature upswing with a strong buying force.
Bias → Positive
Currently, the bias is positive.
⦿ Majority of indices have stayed above 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.
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