⦿ Trend: Uptrend under pressure
⦿ Momentum: Positive & improving
⦿ Breadth: Strong but nearing overbought
⦿ Bias: Positive
⦿ Swing: Upswing under strain

⦿ As 3 out of 5 broad indices slip down, we shift the current status to an uptrend under pressure.

⦿ All other sectoral/thematic indices are still in a confirmed uptrend.

⦿ Not even a single index is in downtrend.

⦿ Most of the broad market indices & majority of the sectoral indices have positive & improving momentum.

⦿ Microcap, Auto, Media & Realty now have positive but worsening momentum.

⦿ There is no index with negative momentum.

⦿ Majority of indices are in an upswing under strain. Smallcap 250, Energy, IT, Pharma, Realty & FMCG are some indices still in a confirmed upswing.

⦿ While Nifty is in an upswing under strain, Smallcap 100 is in a confirmed upswing, Swing Confidence is 75, which means that the portfolio should be having less than the maximum permissible open risk.

⦿ Swing Temperature is warm, which means that new swing positions should be avoided or be taken with smaller sizes, & trailing stoplosses be tightened.

⦿ Breadth as per moving averages: As % of stocks above both 10-day & 20-day MA stay above 50, so the breadth is strong. With the % of stocks above 50-day MA approaches 80, we’ll go nearer to 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 is now below 0.5, as is the norm after a big spike.

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 NNH are not positive for past 3 consecutive days.

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