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Sensex sizzles as 26 stocks trade above their 200-day moving average

The rising Index, with a high number of constituents participating, confirms a bullish trend and sustainability of the Index at higher levels, say some experts. However, one fund manager says the data hides more than it reveals, given that the returns so far have been abysmal.

November 28, 2022 / 09:21 AM IST
 
 
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The BSE Sensex reached an all-time high on November 24 when it kissed 62,412. The previous all-time high of 62,245 was achieved over a year ago, on October 19, 2021. Since then, the equity markets have faced a lot of upheaval, for a plethora of reasons.

However, off late, things have taken a turn for the better, and with the return of foreign portfolio investors (FPIs), the strength of Indian markets has improved manifold. This can also be gauged from the fact that on November 24, of the 30 constituents in the BSE Sensex, 26 stocks were trading above their 200-day moving average (200 DMA). One stock was at its 200 DMA and only three stocks were trading below their 200 DMA.

STOCK PRICE COMPARED TO 200 DMA

Significance of the 200 DMA