Market Status Back to a Confirmed Uptrend

Posted Date: February 03 2021
-Today, Nifty made a new high and moved above the previous rally high of 14,754. Hence, we will change the market status to a Confirmed Uptrend.

-Leading stocks across the sectors are progressing well and have reclaimed key moving averages over the last two-three sessions. Also, market breadth has improved on comparatively higher volume.

-However, the distribution day count remains elevated at six. Nifty is more than 3% above its 21-DMA. If 21-DMA is breached. We may downgrade the status to an Uptrend Under Pressure.

-Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. Stocks that are breaking out of consolidation, have higher relative strength, and superior fundamentals can do well.


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