Recently, market volatility has risen sharply thus making it all the more difficult for traders to wade through such a difficult phase. On most days, there are gap-ups and gap downs with an unpredictable recovery or reversals.
Surprisingly, widely known stocks in the Nifty500 index like Wipro, Punjab National Bank, Steel Authority of India (SAIL), Manappuram Finance, Godrej Industries, Aurobindo Pharma and Tata Communications have started fall to new 52-week lows even as the benchmark indices and the Nifty500 remain in close distance to their previous reversal marks.
The reversal mark for Nifty500 stands at 13,423, and is nearly 1 per cent lower from current price level.
Overall, a total of 71 stocks from the Nifty500 index have hit fresh 52-week lows suggesting weakness in the sentiment. Remember, whenever any stock makes a new 52-week low, it signals that market participants should stay aside or look for exits.
Select stocks from the pack like - Solara Active Pharma Sciences has slumped 75 per cent, Aarti Drugs has plummeted 60 per cent, while Multi Commodity Exchange of India (MCX) and Tata Communications have dropped over 40 per cent each from their respective all-time highs.
Of these 71 stocks, 55 stocks have continuously lost ground in the last 3- 4 sessions, including Indigo Paints, SAIL, Aarti Drugs, One 97 Communications (Paytm), Glenmark Pharmaceuticals, Avanti Feeds, Central Bank of India, RBL Bank, Manappuram Finance and MCX India among others. There is tremendous selling pressure building-up considering the volume scenario.
Here's a list of 55 stocks hitting fresh 52-week lows on a consistent basis:-
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