Trend ⦿ While more & more indices are entering an uptrend under pressure, we are still overall in a confirmed uptrend. ⦿ Nifty & Banknifty, already in uptrend under pressure, are joined by FMCG & PVTbank this week. ⦿ There is still no index in a confirmed downtrend.

Momentum ⦿ Majority of the indices have positive but worsening momentum. ⦿ IT, Media & Pharma are the only indices with positive & improving momentum. ⦿ FMCG is the only index with negative momentum.

Swing ⦿ Both Nifty & Smallcap are in a weekly upswing. While Smallcap is in upswing under strain, Nifty is in a confirmed downswing. Swing Confidence is 25. ⦿ With the swing ribbon red & expanding, Nifty seems all set to test its first nearest support at 19300. ⦿ Midcap index is still in a confirmed upswing. Majority of indices are in a downswing.

Breadth ⦿ Market breadth shows early signs on weakening on very short-term timeframes. ⦿ Short-term timeframes weakening from last week, but still within neutral range. ⦿ Intermediate-term timeframes stay in buy mode. ⦿ Higher timeframes stay comfortably bullish.

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 & CPSE are the top indices showing absolute out-performance. ⦿ FMCG & Banknifty show absolute under-performance.