When the Nifty 50 claimed a new all-time high of 15,431 levels recently, the total number of Nifty 500 stocks trading above 200-days moving average (DMA) were 454. However, during the recent correction of nearly 5 per cent, the total number of stocks trading above 200-DMA actually increased to 459. The Nifty 50 is currently hovering around 15,000 levels with an uncertain trend. Nevertheless, the increase in number of stocks that are trading above this key technical parameter suggests that the market has moved away from a meaningful rise in the frontline indices to stock-specific action.
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First Published: Tue, March 09 2021. 12:57 IST