⦿ Most indices (including Nifty, CNX500, Smallcap) are in a confirmed downtrend. ⦿ Midcap is the only major index in uptrend under pressure. ⦿ PSE, Infra & FMCG are a confirmed uptrend. ⦿ Energy, OilGas, Realty & Power in a rally attempt.
Momentum
⦿ Most indices have negative & worsening momentum. ⦿ NiftyJR still has negative but improving momentum. ⦿ PSE & IT are the only indices with positive momentum.
Swing
⦿ Both Nifty & Smallcap are in a confirmed downswing. Both are also in a weekly downswing. ⦿ Swing Confidence is 0. ⦿ PSE is the only index in a weekly upswing. ⦿ Rest of the indices are in a weekly downswing.
Breadth
⦿ Market breadth further worsens from last week. ⦿ All timeframes are below the 50% mark, but still just nearly oversold. ⦿ Higher timeframes stay bearish. Bulls would love to see the 10-week MA crossover the 40-week MA, as a signal of strength.
Bias
Currently, the bias is bearish.
⦿ NIFTY is below its 50-day MA ⦿ Net New Highs stay negative for 3-consecutive days.
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