⦿ Most indices are still in an uptrend under pressure, but gradually moving towards a confirmed uptrend. ⦿ Both Nifty & Banknifty are now in a confirmed uptrend. ⦿ Media, Energy & PSE are in a confirmed downtrend. ⦿ IT & Pharma are in a rally attempt.
Momentum
⦿ Nifty, Banknifty & CNX500 have positive & improving momentum ⦿ Midcap & Smallcap still have positive but worsening momentum ⦿ NiftyJR & FMCG have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
Swing
⦿ Both Nifty & Smallcap index stay in Confirmed Upswing. Both indices are in a weekly upswing. ⦿ Swing Confidence stays at 100. Long-only swing traders would be all-in now. ⦿ Most indices are also in a confirmed upswing.
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days is negative for 3rd consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 16th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 15 consecutive weeks now.
Overall, the market is bullish for 15th 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 3.4.
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