Yesterday's 1% bounce was a one-day reprieve, not a turn. Today Nifty closed flat at 23,985 while decliners swamped advancers 1,565 to 642 — the index held, the market did not. The trajectory is a broad decline, and the screen's setups exist because the screener runs every day, not because the backdrop supports them.
The internals say deterioration, not consolidation
The slow structural gauge — the share of stocks above their 200-day average — has slid from 43.8% six sessions ago to 41.4% today, a steady bleed that confirms this is not a routine pullback inside an uptrend. The fast short-term gauge, stocks above their 20-day average, collapsed from 43.6% on 21 July to 34.1% today, with Monday's bounce to 39.1% entirely reversed in a single session. Net new highs tell the same story: 86 on 21 July, down to a negative reading on 23 July, and only 25 today despite a flat index — the leadership pool is shrinking. Sixty-four stocks dropped from Stage 2 to Stage 3 against just 28 moving the other way over the last five days; the advancing cohort is narrowing, not widening.
Leadership is narrow and concentrated in two sectors
Real Estate and Information Technology led on the day, up 2.1% and 2.0% respectively, and both are where the Stage-2 cohort has been expanding fastest over the last 20 days — they are the only pockets of genuine structural momentum right now. Health Care holds the strongest Stage-2 participation at over 50% of its stocks in the advancing stage, and names like Wanbury Ltd have cleared the screen with high setup scores, but Health Care clearing screens in a deteriorating tape is context, not a signal to act. With only 41% of the broader market above their 200-day average and the Nifty itself sitting below that level, the weight of evidence is against new setups following through.
| Stock | Sector | Setup | % 1D |
|---|---|---|---|
| Wanbury Ltd | Health Care | 9.4 | — |
| Sky Gold and Diamonds Ltd | Consumer Discretionary | 9.4 | — |
| Kabra Extrusion Technik Ltd | Industrials | 9.4 | — |
| Cyient DLM Ltd | Industrials | 9.2 | — |
| RPG Life Sciences Ltd | Health Care | 9.0 | — |
| Kapston Services Ltd | Industrials | 9.0 | — |
| Filatex India Ltd | Consumer Discretionary | 9.0 | — |
| Steel Strips Wheels Ltd | Consumer Discretionary | 9.0 | — |
| Sector | 1D | 1M | 3M | RS | Stage 2 |
|---|---|---|---|---|---|
| Real Estate | +2.1% | +12.2% | +16.0% | 53 | 23% |
| Information Technology | +2.0% | +9.2% | +3.4% | 47 | 31% |
| Communication Services | +0.5% | +4.1% | +9.2% | 65 | 20% |
| Consumer Discretionary | +0.1% | +4.7% | +5.9% | 69 | 36% |
| Health Care | -0.1% | +3.2% | +14.2% | 74 | 50% |
| Financials | -0.4% | -0.7% | -1.6% | 62 | 34% |
| Energy | -0.6% | -0.2% | -4.6% | 57 | 29% |
| Materials | -0.7% | +1.0% | +0.0% | 69 | 32% |
| Industrials | -0.7% | -2.0% | +5.7% | 70 | 37% |
| Consumer Staples | -1.3% | +0.1% | -2.7% | 54 | 24% |
| Utilities | -1.8% | -3.6% | -4.5% | 62 | 21% |
Stage2Stocks is an educational stage-analysis screener. These wraps describe what the screen shows across NSE cash equities — they are not investment advice, recommendations, or buy/sell calls. Always do your own research.
Breadth breaks to a 30-day low as death crosses spike
Stage-2 share falls further, new lows outnumber new highs, and only pockets of energy and sugar names buck the slide
Nifty's third straight weekly slide, and the crosses turn ugly
Death crosses hit a six-week high as Stage-2 keeps shrinking and breadth slips under 41%
Nifty +0.2% but internals keep deteriorating
Decliners beat advancers 1,554 to 918; net new highs just turned negative. This is not a dip inside strength.