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Consumer Index sees trend reversal ahead of Budget; M&M, ITC near breakout

If the moving average continues to bolster the index, the reversal could see most of the consumer index stocks performing better

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Nifty Consumer Index defends the key support

Avdhut Bagkar Mumbai
Majority of stocks in Nifty Consumer Index on Wednesday saw a trend reversal, as the index continues to defend the key support since last four sessions. Shares of Trent, Page Industries and Havells India were up 2 per cent, respectively. 
 
So far, the Nifty Consumer Index has tumbled 8 per cent from the all-time high recorded in the last September and is now holding ground near the key support of 200-day moving average (DMA) placed at 7,409-mark. The resilience in the past four sessions reveals the index is not letting bears to violate the foremost average. 
 
If the moving average continues to

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First Published: Jan 18 2023 | 11:53 AM IST

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