#WeeklyIndexCheck - Cautiously Bullish
Long-term uptrend intact, some improvement in momentum, but market breadth weakening.
CNXSMALLCAP, CNXMIDCAP & CNX500 are outperforming NIFTY.
CNXMIDCAP is showing weakening of momentum.
NIFTY & CNX500 have regained lost momentum.
Long-term uptrend intact, some improvement in momentum, but market breadth weakening.
CNXSMALLCAP, CNXMIDCAP & CNX500 are outperforming NIFTY.
CNXMIDCAP is showing weakening of momentum.
NIFTY & CNX500 have regained lost momentum.
On Weekly RRG charts, compared to CNX500, indices which are leading/improving:
⦿ IT is the current market leader
⦿ Realty
⦿ Smallcap
⦿ FMCG
⦿ Consumption
⦿ Metals are still in the weakening quadrant, trying to regain momentum
⦿ Banknifty is very much lagging
⦿ IT is the current market leader
⦿ Realty
⦿ Smallcap
⦿ FMCG
⦿ Consumption
⦿ Metals are still in the weakening quadrant, trying to regain momentum
⦿ Banknifty is very much lagging
Market breadth continues to go down.
⦿ From 46% → 34% above 20 SMA (nearing oversold)
⦿ From 64% → 50% above 50 SMA (neutral)
⦿ From 83% → 78% above 150 SMA (bullish bias)
⦿ From 84% → 82% above 200 SMA (bullish bias)
⦿ From 46% → 34% above 20 SMA (nearing oversold)
⦿ From 64% → 50% above 50 SMA (neutral)
⦿ From 83% → 78% above 150 SMA (bullish bias)
⦿ From 84% → 82% above 200 SMA (bullish bias)
The Ratio between stocks above & below 50MA is 1.37, which is nearly half from that of last week. This is still less worse than the deteriorated values of <1 seen in March-April this year.
% of stocks having weekly CCI(34) > 100 has now decreased to 41%, while stocks with weekly RSI>60 to 48%.
These again reflect a deterioration of market breadth from last week. A rising market and falling indicator (market breadth) raises suspicions of underlying weakness.
These again reflect a deterioration of market breadth from last week. A rising market and falling indicator (market breadth) raises suspicions of underlying weakness.
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