ABB, Exide, Pidilite among 5 stocks testing 100-DMA support; charts here

In general stocks trading above the key moving averages such as the 20-, 50-, 100- and 200-DMAs are considered trading with a bullish bias and vice versa.

The Indian stock market is in pullback mode, with the S&P BSE Sensex and the National Stock Exchange (NSE) Nifty rising 2.72 per cent and 2.84 per cent, respectively, from their recent lows.

On Monday, the Sensex ended almost flat at 80,425, while its NSE counterpart, the Nifty 50, gained 0.1 per cent to close at 24,573. Technically, the Nifty 50 appears to have bounced back after finding support around its 50-daily moving average (DMA). 

Moving averages play a crucial role in understanding stock price trends. Generally, stocks trading above key moving averages such as the 20-, 50-, 100-, and 200-DMAs are considered to have a bullish outlook, while those trading below these levels may have a bearish outlook.

 

In times of market volatility, these moving averages act as support, aiding traders in making entry and exit decisions. In recent days, the Nifty 50 consistently found support around its 50-DMA, currently at 24,147, and faced resistance around its 20-DMA at 24,479 before Friday breakout. The NSE benchmark had spent eight trading sessions within the above-mentioned moving
averages.

GODREJ PROPERTIES

The longer-term chart shows that the stock has consistently found support around its 100-DMA during market corrections since the April 2023 breakout. As long as the stock sustains above 100-DMA, it may attempt to pull back towards the super trend line resistance at Rs 3,220. Interim resistance levels are visible at Rs 3,026 and Rs 3,093. On the downside, a break and sustained trade below 100-DMA could trigger a slide towards 200-DMA, which stands at Rs 2,491.  CLICK HERE FOR THE CHART
 

EXIDE INDUSTRIES
 

Exide Industries is trading 2.4% above its 100-DMA, which stands at Rs 484. On the upside, the stock needs to surpass the 20-DMA barrier at Rs 513 to regain strength. A break and sustained trade above 20-DMA could trigger an upmove towards Rs 540. On the downside, the next major moving average, the 200-DMA, stands at Rs 396. CLICK HERE FOR THE CHART
 

ABB INDIA
 

Over the past month, ABB India has tested support around its 100-DMA multiple times. The stock is currently headed towards its 50-DMA hurdle at Rs 8,138, with the next resistance point at Rs 8,228. A break and sustained trade above these hurdles could open the door to a rally towards Rs 9,300. If the 100-DMA support fails to hold, the stock may test support at Rs 7,400. CLICK HERE FOR THE CHART
 

GUJARAT GAS
 

Gujarat Gas is trading close to its 100-DMA for the fourth consecutive day. As long as the stock remains above 100-DMA, it could potentially bounce back towards its super trend line resistance at Rs 658. Below 100-DMA, the next key moving average, 200-DMA, stands at Rs 545. CLICK HERE FOR THE CHART
 

PIDILITE INDUSTRIES 
 

Pidilite Industries has generally respected the 100-DMA support since December 2023. The 100-DMA currently stands at Rs 3,050, with immediate support seen at Rs 3,023. On the upside, the stock will need to clear the hurdles around 20- and 50-DMAs at Rs 3,113 and Rs 3,133 for a rally towards Rs 3,210. The overall outlook for the stock appears tepid at the moment, with 100-DMA serving as a key support level.  CLICK HERE FOR THE CHART