Uptrend under pressure. Momentum in negative territory but gradually improving.PSUbanks, Auto, Energy & Power are the strongest indices at present.Market breadth improving on all timeframes.

⦿ Most major indices remain in uptrend under pressure.
⦿ PSUbank, Auto, Energy & Power indices remain in confirmed uptrend.
⦿ Pharma, FMCG & Consumption remain in downtrend.

⦿ PSUbank, Auto & Power indices are improving strength & momentum
⦿ Most major indices (Nifty, CNX500, Midcap) are in negative momentum, but it is improving.
⦿ Realty, Media, IT & Infra have negative & worsening momentum

Market breadth improving on all timeframes. Higher timeframes’ bullish bias intact.
⦿ 28% → 39% above 20 SMA (improving)
⦿ 53% → 61% above 50 SMA (buy signal)
⦿ 55% → 59% above 150 SMA (bullish bias)
⦿ 62% → 64% above 200 SMA (bullish bias)

The Ratio between stocks above & below 50MA improves to 1.7, while that for 20MA improves to 0.7. The 10-day cumulative ratio for stocks above 50MA is 1.07.
A value >2 is good for swing trades on the long side.

The number of stocks up 20% in past 5 days is now greater than the number of stocks down 20% in past 5 days. A fresh bullish upthrust is awaited.

On a modified Stockbee market monitor, the 5-day cumulative ratio is 3.5 and the 10-DCR is 0.8. Value more than 2 keeps them green.Number of stocks up 13% in 34 days stays in green, which shows that the short-term phase continues to be bullish.

Overall, the market is bullish till the number of stocks up 25% plus in a quarter is more than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which now is 5.6.

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