⦿ Majority of indices are now in a confirmed uptrend.
⦿ Media is in an uptrend under pressure, while Service is in rally attempt.
⦿ There is no index in a confirmed downtrend.
Momentum → Positive & improving
⦿ Majority of the indices have positive & improving momentum. Among the broad market indices, the momentum is still negative (but improving) in Nifty 50 & Midcap 150.
⦿ Commodities & Consumption join the indices with positive & improving momentum.
⦿ Media & PSUbank still have negative & worsening momentum.
Swing → Confirmed Upswing
⦿ Majority of indices are in a confirmed upswing.
⦿ While Nifty is in a confirmed upswing, Smallcap 100 index is in upswing under strain. Swing Confidence is 75, which means that new or existing positions can be taken with less than the maximum permissible open risk.
⦿ Other than the PSUbank index, no other index is in a downswing.
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 stays green, in the healthy zone between 0.5 & 1.0.
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.
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)
