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With more than half of Nifty 500 stocks below 200 DMA, markets may see further correction
This article was posted on Apr 25, 2015 and is filed under Market News
With more than half of Nifty 500 stocks below 200dma, markets may see further correction. Technically nifty has strong support at 8280-8300 (Closing basis). A close below this can take nifty lower to 8100 levels in near term. It is possible markets see a small short covering bounce before correcting further. Poor Infy results along with Minimum Alternate Tax (MAT) worries and earnings triggered selling pressure in markets this week.
More than half of nifty 500 stocks below 200dma only signifies the selling pressure across all segments. To view the list of few stocks that broke 200dma on Friday (24-04-15), click here:
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