MarketQuadrant CW33/2023

Trend ⦿ While Nifty, Banknifty & NiftyJr are in uptrend under pressure, CN500, Midcap & Smallcap are still in a confirmed uptrend. As 3 out of these 6 benchmark indices have changed their trend state, we shall consider the overall trend state now as an uptrend under pressure. ⦿ There is still no index in a confirmed downtrend.

Momentum ⦿ Majority of the indices have positive but worsening momentum. ⦿ Media is the only index with positive & improving momentum. ⦿ Banknifty & PVTBank join FMCG as indices with negative & worsening momentum.

Swing ⦿ Both Nifty & Smallcap are in a weekly upswing. While Smallcap is in early downswing, Nifty is in a confirmed downswing. Swing Confidence is 0. No new fresh swing positions for now. Existing positions should be having 0 open risk. ⦿ Nifty has tested its first nearest support at 19300, & now stands at a make-or-break point. ⦿ Majority of indices are in a confirmed downswing. Only Media is in a confirmed upswing.

Bias Currently, the bias is bullish. ⦿ NIFTY is above its 50-day MA. ⦿ Net New Highs stay positive for 3-consecutive days. Relative Strength (MARS) ⦿ Sectoral indices are outperforming the benchmark Nifty. ⦿ Media, Pharma/Healthcare & PSUbank are the top indices showing absolute out-performance. ⦿ FMCG & Banknifty show under-performance.