⦿ Most indices (including Nifty, CNX500, Midcap, Smallcap) are in a confirmed uptrend. ⦿ Auto & Power are in uptrend under pressure. ⦿ IT & Pharma are in a confirmed downtrend.
Momentum
⦿ NiftyJr, Banknifty & Midcap have positive & improving momentum. ⦿ Nifty, Smallcap & CNX500 have positive but worsening momentum. ⦿ Power, Auto & Energy have negative & worsening momentum.
Swing
⦿ Nifty is in Early downswing. Smallcap is in upswing under strain. Both indices are in a weekly upswing. ⦿ Swing Confidence is 25. Long-only swing traders would be 25% invested now. ⦿ FMCG & PSUbank are still in confirmed upswing.
Breadth
⦿ Market breadth still strong on all timeframes, but has slightly weakened from last week. ⦿ Intermediate timeframes still in buy mode. ⦿ Higher timeframes stay bullish.
Bias
⦿ On a modified Stockbee market monitor, the short-term indicator of 13% up in 34 days stays positive for 6th consecutive week.
⦿ The intermediate 25% plus in a month stays positive for 22th consecutive week.
⦿ The long-term metric of stocks 25% plus in a quarter stays positive for 21 consecutive weeks now.
Overall, the market is bullish for 21th 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, which is lesser than last week.
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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