⦿ Trend: Confirmed Uptrend
⦿ Momentum: Short-term positive & improving, long-term negative but improving
⦿ Breadth: Higher timeframes about to turn bullish
⦿ Bias: Bullish
⦿ Swing Confidence: 25 (Upswing under strain)

⦿ Major indices (Nifty, CNX500, Midcap, NiftyJR & Banknifty) stay in a confirmed uptrend.
⦿ Smallcap index is yet to enter a confirmed uptrend.
⦿ No index in confirmed downtrend.

⦿ Almost all indices (including Nifty, Smallcap, NiftyJr, BankNifty, CNX500 & Midcap) have positive & improving momentum.
⦿ Long-term momentum will still take time to turn positive.
⦿ Auto & FMCG indices have positive but worsening momentum.
⦿ No index now has negative & worsening momentum.

⦿ Both Nifty & Smallcap are in an Upswing under strain.
⦿ Swing Confidence is now 25. Long-only swing traders can take fresh trades with a 0.25% CAR.
⦿ Most indices are in a Confirmed upswing, but some are showing some strain.
⦿ FMCG, PSUbank, Pharma & Media are in an early downswing.

⦿ Market breadth stays healthy & neutral on lower timeframes.
⦿ Intermediate timeframes are nearing overbought levels.
⦿ Higher timeframes about to turn bullish.

On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 7th consecutive week. The long-term metric of stocks 25% plus in a quarter stays positive for 5 consecutive weeks now. The intermediate 25% plus in a month stays positive for 6th consecutive week.

Overall, the market is now bullish for the 5th consecutive week, as the number of stocks up 25% plus in a quarter stays greater than that down 25% plus in a quarter. The ratio between the two is the primary breadth ratio, which is now 12.4. These levels were last seen in January 2022.

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