Uptrend under pressure. Momentum in negative territory & also gradually worsening.
Banks & Auto are the strongest indices at present.
Market breadth worsening on all timeframes.
Trend
⦿ Most major indices remain in uptrend under pressure.
⦿ Metals join PSUbank, Auto, Energy & Power in confirmed uptrend.
⦿ Pharma, FMCG & Consumption remain in downtrend.
Momentum
⦿ PSUbank as well as PVTbank indices are showing positive & improving momentum
⦿ Most major indices (Nifty, CNX500, Midcap) are in negative & worsening momentum
⦿ Realty, Media, IT & Infra keep on having negative & worsening momentum
Market Breadth
Market breadth worsening on all timeframes. Higher timeframes' bullish bias intact. Lower timeframes are oversold.
⦿ 39% → 24% above 20 SMA (oversold)
⦿ 61% → 41% above 50 SMA (awaiting buy signal)
⦿ 59% → 52% above 150 SMA (bullish bias)
⦿ 64% → 58% above 200 SMA (bullish bias)
% of stocks above/below 20& 50MA
The Ratio between stocks above & below 50MA goes down to 0.7, while that for 20MA to 0.3. The 10-day cumulative ratio for stocks above 50MA is 1.02.
A value >2 is good for swing trades on the long side.
20% up/down in 5 days
The number of stocks up 20% in past 5 days has again failed to sustain & is now sloping down. A fresh bullish upthrust is awaited.
Stockbee Market Monitor
On a modified Stockbee market monitor, the 5-day cumulative ratio is 0.6 and the 10-DCR is 1.4. Value more than 2 keeps them green.
Number of stocks up 13% in 34 days has turned red, which shows that we are in a short-term bearish phase.
Primary Breadth Ratio
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 gone down to 2.7.
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