Tech charts show lesser pressure on Indian indices
Synopsis
About 38% of the Nifty50 constituents and nearly half of the S&P BSE Sensex 30 companies currently trade above the 200 DMA compared with the average 26% for global indices.
Technical indicators of Indian equity indices show lesser pressure compared with major global indices. After the recent bout of decline, India’s benchmark index Nifty 50 has gradually recovered and now trades closer to the 200-day moving average (DMA) of 16,981 while major global indices are 4-18% below their respective 200 DMA levels. A 200 DMA is perceived as a crucial support level for stocks and indices by technical analysts. Any steep
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