The Nifty may go negative for remain year, as almost 60% of index constituents are in a bear grip as registered by the 'Death Cross' formation
nifty 50 death cross-list include Eicher Motors, Maruti Suzuki India, Bajaj Auto, Hero MotoCorp, Dr. Reddy’s Laboratories, Britannia Industries, and L&T, etc.
In the Nifty500, as many as 350 stocks were found Death Cross on the daily charts. These include MRF, Page Industries, 3M India, Eicher Motors, Wabco India, TTK Prestige, ICRA, Bosch among others.
The Death Cross means is a technical chart pattern which points towards a potential for a major selloff in the stock or index. It is formed when the short-term moving average crosses below its long-term moving average.
Typically, the most common analysis by technical experts in last the 50-day and 200-day moving averages.
Nifty has lost more than 10 % due to factors such as the fear of economic slowdown and mounting geopolitical concerns. The most recent pummel can be attributed to sudden rise in crude oil prices, which shot up tremendously in the wake of drone attacks on Saudi oilfields on September 14.
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