#WeeklyIndexCheck - Cautiously Bullish
Long-term uptrend intact, but momentum is weakening.
NIFTY, CNXSMALLCAP, CNXMIDCAP & CNX500 all are in strong uptrend (above 10 MA & Supertrend) & with bullish momentum (CCI34 > 100). Out of these, Nifty is showing weakening of momentum.
Long-term uptrend intact, but momentum is weakening.
NIFTY, CNXSMALLCAP, CNXMIDCAP & CNX500 all are in strong uptrend (above 10 MA & Supertrend) & with bullish momentum (CCI34 > 100). Out of these, Nifty is showing weakening of momentum.
On Weekly RRG charts, compared to CNX500:
⦿ Indices gaining momentum: Realty, IT, Consumption, FMCG
⦿ Indices losing momentum: Pharma, Metal, Commodity, PSE
⦿ Indices gaining momentum: Realty, IT, Consumption, FMCG
⦿ Indices losing momentum: Pharma, Metal, Commodity, PSE
Market breadth is receiving some much-needed cooling down on lower timeframes:
⦿ From 70% -> 58% above 20 SMA (cooling down)
⦿ From 83% ->75% above 50 SMA (still overbought)
⦿ From 88% -> 86% above 150 SMA (bullish bias)
⦿ From 87% -> 87% above 200 SMA (bullish bias)
⦿ From 70% -> 58% above 20 SMA (cooling down)
⦿ From 83% ->75% above 50 SMA (still overbought)
⦿ From 88% -> 86% above 150 SMA (bullish bias)
⦿ From 87% -> 87% above 200 SMA (bullish bias)
% of stocks having weekly CCI(34) > 100 is well above 50%, & assures an overall healthy market breadth.
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