Oct 27 2023, 08:40
1 in 3 NSE 200 stocks slip into bear territory:
Out of the 60 stocks below this long-term trend indicator, Navin Fluorine International, Indraprastha Gas, Gujarat Gas, Biocon, HDFC Bank, Pidilite Industries, Kotak Mahindra Bank, Dabur India, BPCL, and Wipro are among the notable names. The Nifty has dropped 4.8% in the past week.
When a stock or an index falls below the 200-DMA, it's a bearish signal, and vice versa.
Out of the 60 stocks below this long-term trend indicator, Navin Fluorine International, Indraprastha Gas, Gujarat Gas, Biocon, HDFC Bank, Pidilite Industries, Kotak Mahindra Bank, Dabur India, BPCL, and Wipro are among the notable names. The Nifty has dropped 4.8% in the past week.
Since 200-DMA is a long-term average, it is considered a significant support level for an index or stock. If the market weakness persists, more stocks could fall below this level.
"Sliding below the said 200- DMA signal a decisive downside breakout of the support for the index, and this also reflects downside breakout of the near- to medium-term trend in the stocks," said Nagraj Shetty, analyst, HDFC Securities. "This is a negative indication for the index and stocks, and one may expect further weakness in the near term."
source:et
Oct 27 2023, 13:51