The Nifty 50 continued to trade below its 200-day moving average (DMA) on Monday, with 27 of the 50 stocks in the index - a little over 50 per cent - also trading below this crucial technical level, according to data.
The Nifty 50 closed at a low of 23,454 on Monday, while the 200-DMA stood at 23,565. The index has declined by over 11 per cent from its peak of 26,277 in September 2024, entering a correction phase.
Analysts note that stocks or indices trading below their respective 200-DMA indicate overall weakness. Technically, traders use the 200-DMA to assess the broader trend for a particular stock or index. Stocks or indices trading above the 200-DMA are considered to be in an uptrend, while those trading below this long-term average are viewed as being in a downtrend.
This story is from the November 19, 2024 edition of Business Standard.
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This story is from the November 19, 2024 edition of Business Standard.
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