I thought market had digested the Tariff matter back on Thursday when it bottomed in the first five minutes and then rallied nicely. It didn’t hold the higher levels, no doubt, but I am disturbed by the weak showing of Friday, when the prices finished lower than the lows of Thursday.
In the last Charts and Beyond video (Ep 21), I had made a statement that the tariff is done but we need to wait for fresh action. But in the same video I had also said that any new longs should be protected by a stop below Thursday low. I did not, however, expect the stop to be hit by the following day.

Given this development, I used the RSI indicator on Neotrader and queried it for status on Monthly time frame, so as to check the trend status of stocks. I was quite startled to see a lot of big names showing me a signal of a shift out of uptrend and going towards neutral, to say the least. Not very encouraging, that. I will be tracking this ahead.
Those that are members of Neotrader can do the same by checking the Resistance at 60 column using Monthly setting. Check the charts of the names there- you may not find them too happy.

We are all getting caught up in the index moves and that is remaining in a tight range albeit with volatility thrown in. Those that can handle the volatility should participate but if big stocks are not showing us bullish signals, then how can the indices move up. Granted, there is not much big selling, at least not yet. If that continues, then the ranging action of the indices shall continue. But if selling picks up, for whatever reason, then we need to be on guard.

The larger trend is on the verge of getting tripped if Nifty goes below 24500. So stops should be there. Bank Nifty is not too different either.