Moreover, domestic markets are not immune to global turmoil despite the Indian economy doing better than many of its global peers in a year of global economic distress
The benchmark Nifty50 managed to reclaim its 200-day moving average (DMA) on Wednesday but about half of top 500 stocks continue to languish below this key technical indicator. The 200-DMA — nearly a year’s average of closing prices — is analysed by traders to understand the market sentiment. A fall below these levels indicates a weak trend. As many as 117 of the top 500 stocks are trading more than ten per cent below their 200-DMAs, data shows.
Among individual stocks, Tanla Platforms, Mastek, and Medplus Health Services are trading more than 30 per cent below their 200-DMA. Meanwhile, stocks like Mazgaon Dock Shipbuilders, KRBL and Cochin Shipyard are comfortably above their 200-DMAs, with Mazgaon Dock 104 per cent higher
First Published: Oct 12 2022 | 8:39 PM IST