⦿ Most indices are in an uptrend under pressure. ⦿ Banknifty (plus both Psubank & Pvtbank) are now in confirmed uptrend. ⦿ Media, Energy & PSE are in a confirmed downtrend. ⦿ IT & Pharma are in a rally attempt.
Momentum
⦿ Nifty, Banknifty & Smallcap now have positive & improving momentum. ⦿ Midcap & CNX500 still have positive but worsening momentum. ⦿ Auto, Power & Realty indices have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
Swing
⦿ Both Nifty & Smallcap index are in Confirmed Upswing. Both indices are in a weekly upswing. ⦿ Swing Confidence is now 100. Long-only swing traders would be all-in now. ⦿ IT & Financials are also in a confirmed upswing.
Breadth
⦿ Market breadth not improving. ⦿ Participation lacking, as evident from % of stocks above all key moving averages being less than 50%. ⦿ Intermediate timeframes still await fresh buy signal. ⦿ Higher timeframes are now bearish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days is negative for 2nd consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 15th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 14 consecutive weeks now.
Overall, the market is bullish for 14th 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 3.7.
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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