⦿ 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.

⦿ PSE index joins Power, PSUbank, Media, Commodities, Energy & Metal as confirmed uptrend indices

⦿ No index in outright downtrend

⦿ PSE, FMCG, Media & Power join Commodities, Metal, Energy & Pharma as indices with positive & improving momentum

⦿ All other indices have negative but improving momentum, & most are on the verge of entering positive momentum territory

⦿ No index with worsening momentum

Market breadth improving on all timeframes. Higher timeframes now back to bullish bias, while lower timeframes overbought.

⦿ 70% → 87% above 20 MA (overbought)

⦿ 46% → 76% above 50 MA (fresh buy signal)

⦿ 44% → 58% above 150 MA (bullish bias)

⦿ 47% → 58% above 200 MA (bullish bias)

The Ratio between stocks above & below 50MA is 4, while that for 20MA is 9.7. The 10-day cumulative ratio for stocks above 50MA is 1. 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, both the short-term indicator of 13% up in 34 days & the long-term metric of stocks 25% plus quarter are now 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 4.3.

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