⦿ Trend: Rally Attempt
⦿ Momentum: Negative but improving
⦿ Breadth: Improving
⦿ Bias: Bullish
⦿ Swing Confidence: 100

⦿ Most indices (including Nifty, CNX500, Midcap, Smallcap) are now in a rally attempt.
⦿ Auto, Infra & PSE join FMCG in a confirmed uptrend.
⦿ IT, Media, Metal & PSUbank are still in a confirmed downtrend.

⦿ Most indices have negative but improving momentum.
⦿ IT is the only index with negative & worsening momentum.
⦿ Pharma, PSE & Realty are the only indices with positive momentum.

⦿ Both Nifty & Smallcap are  in confirmed upswing. Both are in weekly downswing. Swing Confidence is 100.
⦿ PSE & FMCG are the only indices in a confirmed weekly upswing.
⦿ Nifty, Banknifty & Midcap are the major indices in an early weekly upswing.

⦿ Market breadth further improves from last week.
⦿ Short-term timeframes are now near overbought.
⦿ Intermediate-term timeframes have given a buy signal.
⦿ Higher timeframes stay bearish, but the 10-week MA has crossed over the 40-week MA into bullish territory.

Currently, the bias is bullish.
⦿ NIFTY is above its 50-day MA.
⦿ Net New Highs stay positive for 3-consecutive days.

⦿ Realty, Finance & Pharma are the top indices showing relative outperformance.
⦿ IT & Media show absolute under-performance.

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.

👉 Follow me on Twitter