 "Adani Port, Hero Moto: 86 stocks from Nifty500 can see over 10% upside")
Domestic equity markets were highly volatile on Friday as investors juggled between largely positive corporate earnings and weak global cues. The benchmark S&P BSE Sensex hit an intra-day high and low of 39,988 and 39,340 levels, respectively, with market breath favouring the bulls.
In such a volatile market, while long-term outlook remains intact, investors tend to read through technical indicators for short-term trading bets. One such indicator is daily moving averages (DMA). The strength, intensity and momentum of this DMA level results in a firm rally that triggers an optimistic sentiment. The widely used moving averages are 50-DMA, 100-DMA and 200-DMA. The recent promising reversal in Nifty50 and the S&P BSE Sensex around their respective support levels coincides with 100-DMA of various stocks.
Nearly 86 stocks from the Nifty 500 universe are trading around their 100-DMA. Besides, nearly 50 per cent of these 86 stocks are exhibiting a reversal near their support average.
Adani Ports and Special Economic Zone, Balkrishna Industries, BSE, DLF, Hero MotoCorp, Jindal Steel & Power, Jyothy Labs, Gujarat Fluorochemicals, Mahindra & Mahindra, Page Industries, TVS Motor Company, and Wockhardt are among the noticeable names that are exhibiting reversal trends. (Check table below)
Source: spidersoftwareindia.com
Source: spidersoftwareindia.com
Going forward, if the reversal support of 100-DMA remains intact, these stocks can even surge over 10 per cent in the near-term on strong volume.
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