Half of top 500 stocks trading below their 200-DMA, shows data

Analysts said that half of the BSE 500 firms trading below 200-DMA clearly indicates that market sentiment isn't strong and there is heightened selling pressure in the broader markets

Markets, stocks, buy, sell, trading, shares, stock market

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

Sundar Sethuraman Mumbai
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

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