Limited downside seen in markets as over half of Nifty500 stks hold 200-DMA

Domestic benchmark indices have hit fresh yearly highs in the previous session, demonstrating immense bullishness of the current breadth. The BSE Sensex reached 61,797 and Nifty 50 scaled 18,267, both conquering their respective previous highs. 

Following a sharp reversal at the end of the April series, the BSE Sensex and Nifty 50 took a breather near to their respective the 200-day moving average (DMA) before offering the next leg of upside few sessions ago. 

Now, when the indices have reached fresh yearly highs, stocks crossing or hovering near their 200-DMA shall see added upward momentum, with price action beginning to