Over half of the stocks in Nifty 500 index trades below the 200-day moving average (DMA), indicating a weaker breadth ahead of the Union Budget 2023. Altogether, 278 stocks failed to enter on bullish radar, suggesting that the trend to tilt in favour of bears if the Union Budget fails to boost domestic sentiment.
Investors and traders regard the 200-DMA as the most relevant indicator for determining the overall trend. A stock or an index trading above its 200-DMA is said to possess bullish underlying bias, and vice versa. All stocks trading over their respective 200-DMA levels signify a positive sentiment.
To add to this scenario, 25 stocks from the lists continue to hit fresh 52-week lows and experienced an aggravated sell-off when market volatility started to rise.
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