⦿ Absolutely no change in the trend table since last week.
⦿ Not even a single index is in downtrend.
Momentum → Positive & improving
⦿ All of the broad market indices & majority of the sectoral indices have positive & improving momentum.
⦿ Pharma is the only index with a positive but worsening momentum.
⦿ There is no index with negative momentum.
Swing→ Confirmed Upswing
⦿ Majority of indices are in a confirmed upswing. Only FMCG, Pharma & Consumer Durables are in an upswing under strain.
⦿ As both Nifty & Smallcap 100 are in confirmed upswing, Swing Confidence is 100, which means that the portfolio can stay with the maximum permissible open risk.
⦿ While overall Swing Temperature is cool (which means that new swing positions can be taken), it is still hot in Nifty 50. So a little caution here would be prudent.
Breadth → Strong but nearing overbought
⦿ Breadth as per moving averages: As % of stocks above both 10-day & 20-day MA stay above 50, so the breadth is strong, with still some space to upmove before getting labelled overbought. With the % of stocks above 50-day MA nearing 80, we are nearing an overbought state. The % of stocks above 200-day MA is in the sustainably bullish 80+ range.
⦿ Net breadth as per 4% advance & decline is positive.
⦿ Market breadth volume stays green, just above 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.
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