⦿ Major indices (Nifty, CNX500, Midcap, NiftyJR & Banknifty) stay in a confirmed uptrend. ⦿ Smallcap index is yet to enter a confirmed uptrend. ⦿ IT index goes back to a confirmed downtrend.
Momentum
⦿ Most major indices (including Smallcap, NiftyJr, BankNifty, CNX500 & Midcap) have positive & improving momentum. ⦿ Long-term momentum will still take time to turn positive. ⦿ Nifty now has positive but worsening momentum. ⦿ No index has negative & worsening momentum.
Swing
⦿ Nifty is in Early Downswing, while Smallcap is in a Confirmed Upswing. ⦿ Swing Confidence is now 50. Long-only swing traders can take fresh trades with a 0.5% CAR. ⦿ Most indices are in a upswing under strain. ⦿ IT & Pharma are in a confirmed downswing.
Breadth
⦿ Market breadth stays healthy & neutral on lower timeframes. ⦿ Intermediate timeframes are nearing overbought levels. ⦿ Higher timeframes almost in bullish territory now.
Bias
On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 8th consecutive week. The long-term metric of stocks 25% plus in a quarter stays positive for 6 consecutive weeks now. The intermediate 25% plus in a month stays positive for 7th consecutive week.
Overall, the market is now bullish for the 6th 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 19.4. These levels were last seen in August 2021.
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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