Over one-third Nifty50 stocks look weak on charts. Time to be cautious?

Among banking majors, Axis Bank, ICICI Bank, HDFC Bank and State Bank of India (SBI) appear on track to hit new all-time high in the weeks ahead, charts suggest

Avdhut BagkarPuneet Wadhwa Mumbai
bear market, sensex, nifty, loss, growth, investment
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Selective Nifty 50 stocks are showing negative bias on charts

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The domestic benchmark indices — the S&P BSE Sensex and the National Stock Exchange Nifty50 — had lost close to 1.5 per cent in three days last week before gaining slightly on Friday and Monday. Notwithstanding weakness and volatility, the Nifty50 has managed to hold on to the 18,000 mark, while the Sensex has managed to stay above the 61,000 level. The performance of the stocks that comprise these front-line indices remains polarised. The 20 stocks that comprise the Nifty50 index appear weak, according to their technical chart patterns.
Sixteen of these stocks, which include Tata Steel, Hindalco Industries, JSW Steel, Eicher Motors, Sun Pharmaceutical Industries, and Cipla, have breached their respective 200-day moving averages (DMA) on the downside.
For long-term investors, the simple 200-DMA provides a broad outlook on the market or stock trend. Investors and traders prefer stocks holding above their respective 200-DMA as the

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First Published: May 19 2023 | 12:44 PM IST

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