⦿ Most indices (including Nifty, CNX500, Midcap, Smallcap) stay in a rally attempt. ⦿ FMCG, Auto, Infra & PSE are in a confirmed uptrend. ⦿ IT & Media are still in a confirmed downtrend.
Momentum
⦿ Most indices have negative but improving momentum. ⦿ IT is the only index with negative & worsening momentum. ⦿ FMCG joins Pharma, PSE & Realty as indices with positive momentum.
Swing
⦿ Nifty is in upswing under strain, while Smallcap is in confirmed upswing. Both are in weekly downswing. Swing Confidence is 50. ⦿ PSE & FMCG are the only indices in a confirmed weekly upswing. ⦿ Banknifty & Midcap are the major indices in an early weekly upswing.
Breadth
⦿ Market breadth further improves from last week. ⦿ Short-term timeframes somewhat cooled down, & now not near overbought. ⦿ Intermediate-term timeframes are in buy mode. ⦿ Higher timeframes stay bearish, but the 10-week MA is firmly in bullish territory.
Bias
Currently, the bias is bullish.
⦿ NIFTY is above its 50-day MA
⦿ Net New Highs stay positive for 3-consecutive days
Relative Strength (MARS)
Broader markets are outperforming the benchmark Nifty.
⦿ Realty, Pharma & Banknifty 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.
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