The tape is hollowing out, and today is not a dip inside strength — it is the continuation of a broad decline. Net new highs turned negative for the first time in this sequence, the fast breadth gauge has collapsed from 46% to 36% in six sessions, and the Stage-2 cohort is narrowing. The regime has shifted to transition with a neutral-to-down near-term read, and the internals are not giving any reason to argue otherwise.
Trajectory: deterioration is broad and accelerating
The slow structural gauge — the share of stocks above their 200-day average — has slid from 43% to 40.6% over the past six sessions, confirming this is not a short-term wobble. The fast gauge, stocks above their 20-day average, has dropped sharply from 46.4% to 36.5% in the same window, with decliners beating advancers in four of the last five sessions and today's net new highs printing at minus six — the first negative reading in the series. Over the last five days, 68 stocks moved from Stage 2 into Stage 3 against only 31 moving the other way, a net drain of 37 names from the advancing cohort. Index, breadth and leadership are deteriorating together; the screener's own trajectory classification calls this a broad decline, and the numbers back it.
Leadership: defensive rotation, thin and unconvincing
Today's sector leadership — Utilities up 1%, Energy up 0.5%, Real Estate barely positive — is defensive in character and thin in conviction. Over one and three months, Health Care and Real Estate hold the top spots, which is a narrowing of leadership rather than a broadening. The Stage-2 cohort is expanding fastest in Consumer Staples and Energy, which fits the defensive rotation but is not the broad, cyclical participation that underpins a healthy advance. Bliss GVS Pharma cleared the screen with the highest relative strength rank in the Health Care names, and Asian Energy Services sits at the top of the Energy list — both are what the screen surfaces today, in a market where follow-through rates on new setups are falling as the cohort shrinks.
| Stock | Sector | Setup | % 1D |
|---|---|---|---|
| Asian Energy Services Ltd | Energy | 9.8 | +3.2% |
| Bliss GVS Pharma Ltd | Health Care | 9.8 | +2.9% |
| Indo Borax and Chemicals Ltd | Materials | 9.8 | -1.9% |
| Raghav Productivity Enhancers Ltd | Materials | 9.8 | +2.8% |
| Ratnaveer Precision Engineering Ltd | Industrials | 9.6 | -1.8% |
| Marine Electricals (India) Ltd | Industrials | 9.6 | -0.3% |
| Omaxe Ltd | Real Estate | 9.4 | +4.7% |
| Mawana Sugars Ltd | Consumer Staples | 9.4 | +3.9% |
| Sector | 1D | 1M | 3M | RS | Stage 2 |
|---|---|---|---|---|---|
| Utilities | +1.0% | -5.1% | -8.2% | 56 | 21% |
| Energy | +0.5% | +0.7% | +1.5% | 59 | 41% |
| Real Estate | +0.1% | +0.8% | +14.9% | 54 | 25% |
| Materials | -0.1% | -0.5% | +1.0% | 65 | 36% |
| Health Care | -0.1% | +1.6% | +12.4% | 71 | 48% |
| Communication Services | -0.4% | -0.3% | +7.9% | 59 | 21% |
| Financials | -0.4% | -1.9% | +5.6% | 59 | 34% |
| Consumer Staples | -0.4% | -4.2% | +0.1% | 45 | 35% |
| Industrials | -0.7% | -0.6% | +4.1% | 68 | 32% |
| Consumer Discretionary | -0.8% | -0.4% | +11.2% | 62 | 36% |
| Information Technology | -1.1% | -1.2% | +5.0% | 47 | 27% |
Work the same data live: open the full stock screener, watch the live market dashboard, or check the market-timing read. New to the method? Start with the four stages.
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.