⦿ Trend: Rally Attempt

⦿ Momentum: Negative but improving

⦿ Breadth: Improving on all timeframes

⦿ Bias: Bullish on both long-term & short-term

⦿ Most major indices (including Nifty, Midcap, Smallcap, CNX500, Banknifty) are now in rally attempt.

⦿ Power & PSUbank join Media, Commodities, Energy & Metal as confirmed uptrend indices

⦿ No index in outright downtrend

⦿ Commodities join Metal, Energy & Pharma as indices with positive & improving momentum

⦿ All other indices have negative but improving momentum

⦿ No index with worsening momentum

Market breadth improving on all timeframes. Higher timeframes also getting less & less bearish.

⦿ 60% → 70% above 20 MA (approaching overbought)

⦿ 30% → 46% above 50 MA (awaiting fresh buy signal)

⦿ 39% → 44% above 150 MA (bearish bias)

⦿ 43% → 47% above 200 MA (bearish bias)

The Ratio between stocks above & below 50MA is 1.0, while that for 20MA is 3.5. The 10-day cumulative ratio for stocks above 50MA is 0.4. A value >2 is good for swing trades on the long side.

The 10-day cumulative ratio between stocks up & down 4% in a day stays in the green (>2), signalling that short-term trading oppurtunites are there.

When market is in bearish phase, a fresh bull move starts when 10-DCR first time above 2.

On a modified Stockbee market monitor, the short-term bearish phase (13% up in 34 days) is finally over after 5 weeks. Also, the long-term metric of stocks 25% plus quarter is now back in the green.

Overall, the market is bullish, as the number of stocks up 25% plus in a quarter is now greater than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 1.28.

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