⦿ While major indices are in a confirmed uptrend, they are on the verge of falling back again into uptrend under pressure. ⦿ IT & Pharma are in a confirmed downtrend. ⦿ Energy, Media, PSE are in a rally attempt.
Momentum
⦿ While all indices are still in a positive momentum, it is now worsening in most indices including Nifty, CNX500 & Midcap. ⦿ Banks & Smallcap index still have positive & improving momentum. ⦿ Long-term momentum will still take time to turn positive. ⦿ No index has negative & worsening momentum.
Swing
⦿ Nifty is in an Early Downswing, while Smallcap is in an Upswing under strain. Both indices are in a weekly upswing. ⦿ Swing Confidence is now 25. Long-only swing traders can take selective fresh trades with a maximum of 0.25% CAR. ⦿ Other than Banks, most indices are in Early Downswing. IT & Pharma are in confirmed downswing.
Breadth
⦿ Market breadth went overbought during the week, but ended at neutral levels on both lower & intermediate timeframes. ⦿ Higher timeframes stay bullish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 11th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 9 consecutive weeks now.
⦿ The intermediate 25% plus in a month stays positive for 10th consecutive week.
Overall, the market is now bullish for the 9th 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 27. These levels were last seen in July 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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