⦿ Trend: Rally Attempt
⦿ Momentum: Short-term positive, long-term still negative
⦿ Breadth: Lower timeframes overbought, higher still bearish
⦿ Bias: Bullish on all timeframes
⦿ Swing Confidence: 100 (Confirmed Upswing)

Major indices (Nifty, CNX500, Midcap, Smallcap & Banknifty) are in a rally attempt. Consumption & MNC join Auto & FMCG in a confirmed uptrend. Only IT, Media & PSE are still in confirmed downtrend.

After 34 consecutive week of negative momentum, Midcap & Banknifty are the first major indices with positive & improving momentum. It is worth noting that long-term momentum is still negative. 

Other major indices (Nifty, CNX500, & Smallcap) have improving momentum, & are on the verge of entering positive territory. NiftyJr & Realty are the major additions to the growing list of indices with positive & improving momentum. Auto, FMCG, Consumption & MNC are still there & leading from the front.

There is no index with negative & worsening momentum now.

Almost all indices (except IT & Pharma) are in a Confirmed upswing. As both Nifty & Smallcap are in a Confirmed Upswing, the Swing Confidence score now is 100. Long-only swing traders can take fresh trades with a 1% CAR. However, since this is an upswing in a downtrend, profit booking must be swift.

Market breadth further improving & now overbought on lower timeframes. Intermediate timeframes have given a fresh buy signal. This means once the lower timeframes cool-off, one can buy on dips. Bit caution still, as higher timeframes also improving but still bearish.

On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 3rd consecutive week. The long-term metric of stocks 25% plus in a quarter is finally positive after 8 concesuctive negative weeks now. The intermediate 25% plus in a month stays positive for 2nd consecutive week.

Overall, the market is now bullish after past 2 bearish months, 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 1.59.

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