⦿ Most indices (including Nifty, CNX500, Midcap, Smallcap) are in a confirmed uptrend. ⦿ Among major indices, only NiftyJr is still in uptrend under pressure. ⦿ Pharma is the only index in a confirmed downtrend.
⦿ Most major indices (including Nifty, Smallcap, Midcap & CNX500) have positive & improving momentum. ⦿ Among major indices, NiftyJr still has negative & worsening momentum. ⦿ Auto, FMCG, Energy & Power also have negative & worsening momentum. ⦿ Long-term momentum will still take time to turn positive.
⦿ Nifty is in confirmed upswing, while Smallcap is in early upswing. Both indices are in a weekly upswing. ⦿ Swing Confidence is 75. Long-only swing traders would be 75% invested. ⦿ Most indices are in or near confirmed upswings. ⦿ Auto, Consumption, Energy, Pharma, Power are still in downswing.
⦿ Market breadth improving on all timeframes.
⦿ Intermediate timeframes still to give a fresh buy signal.
⦿ Higher timeframes turning bullish.
Overall, the market is bullish for 19th 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 2.8, which is slightly better than last week.
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 4th consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 20th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 19 consecutive weeks now.
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