RIL, Tata Motors, Titan: Over 50% Nifty stocks trade below 200-DMA

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RIL, Tata Motors, Titan: Over 50% Nifty stocks trade below 200-DMA - Business Standard

Quick Summary:

As many as 27 out of the Nifty 50 stocks are trading below their respective long-term moving average; analysts see this as an overall weak trend in the market.

Still, the Nifty 50 index will have to rally above the Thursday high of 23,676 for bulls to attempt a larger rebound, failing which support in the 23,200 - 23,300 zone may come into play.

Both daily and weekly momentum remain negative, with the latter reaching deeply oversold territory,” Chinchalkar said. Meanwhile, among the broader indices – 88 out of the Nifty MidCap 150; 122 out of the Nifty SmallCap 250 and 273 out of the Nifty 500 indices were trading below the respective 200-DMAs.