⦿ After 10 consecutive weeks of confirmed downtrend, this week most indices (including Nifty, CNX500, Midcap & Banknifty) enter into rally attempt. Smallcap index is also on the verge of coming out of its confirmed downtrend.

⦿ Auto & FMCG are now in a confirmed uptrend.

⦿ This is the 33rd consecutive week of negative momentum.

⦿ Majority of indices (including Nifty, CNX500, Midcap & Smallcap) now have negative but improving momentum.

⦿ Apart from Auto, now FMCG, Consumption & MNC indices also have positive & improving momentum.

⦿ Both Nifty & Smallcap are now in a Confirmed Upswing.

⦿ Swing Confidence now is 100. Long-only swing traders can take selective fresh trades with a 1% CAR.

⦿ Most indices are in a Confirmed upswing.

Market breadth further improving & almost nearing overbought on lower timeframes. Intermediate timeframes still awaiting a fresh buy signal, & higher timeframes still bearish.

⦿ 40% → 76% above 20MA (near overbought)
⦿ 21% → 42% above 50MA (awaiting fresh buy)
⦿ 17% → 22% above 150MA (bearish)
⦿ 20% → 24% above 200MA (bearish)

On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days is now positive after 8 consecutive red weeks. The long-term metric of stocks 25% plus quarter is still negative for past 7 weeks now. The intermediate 25% plus in a month is negative for past 4 weeks.

Overall, the market is bearish for past 7 weeks, as the number of stocks up 25% plus in a quarter stays lesser than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 0.44.

That’s all for this week. If you'd like to know when I publish something new, just subscribe to my newsletter and you'll get the latest sent direct to you.

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