The Stocks That Helped Nifty Defend The 10,000-Mark
The NSE Nifty 50 Index managed to defend the 10,000-mark despite declining six times in the last eight sessions, which also included the breach of a key resistance level.
The index fell below its 100-day moving average of around 10,073 – which is simply the average closing price over the last 100 days – as of Wednesday’s close. Stocks such as Lupin Ltd., Yes Bank Ltd. and UPL Ltd. fell substantially below that key level too, weighing the Nifty down.
The stocks that supported the index up include a few private sector banks which remained close to their 100 DMA while Bharti Airtel Ltd., GAIL (India) Ltd. and Reliance Industries Ltd. remained above the average.
Here are some of the key sectoral trends:
- All public sector oil marketing companies are trading below their 100-day moving averages.
- All pharmaceutical stocks, excluding Cipla Ltd., are trading below their 100-day moving averages.
- All information technology stocks other than Wipro Ltd. are also trading below 100-day moving averages.
- Eighty percent of all financial stocks are trading either at or below the average. Only three stocks—Axis Bank Ltd., State Bank of India and ICICI Bank Ltd.—are just one percent above the average.
- Half of all auto stocks are trading below their 100-day moving averages.