⦿ Most indices are in a confirmed uptrend. ⦿ Among major indices, Smallcap & NiftyJr are still in uptrend under pressure. ⦿ Media & Pharma are in a confirmed downtrend. ⦿ IT & Energy are in a rally attempt.
Momentum
⦿ Most major indices (including Nifty, NiftyJr, Banknifty & CNX500) have positive & improving momentum. ⦿ Smallcap & Midcap still have positive but worsening momentum. ⦿ Consumption, Auto & FMCG have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
Swing
⦿ Nifty is in Confirmed Upswing, while Smallcap is in upswing under strain. Both indices are in a weekly upswing. ⦿ Swing Confidence is 75. Long-only swing traders would be 75% invested, with 25% in cash. ⦿ Most indices are either in a confirmed upswing, or upswing under strain.
Breadth
⦿ Market breadth marginally worse on all timeframes. ⦿ Intermediate timeframes yet to give a fresh buy signal. ⦿ Higher timeframes stay bullish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 2nd consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 18th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 17 consecutive weeks now.
Overall, the market is bullish for 17th 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 3.5.
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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