Percentage of small, midcap stocks trading below 20-DMA down to 57% from 83%: Anand James
However, the percentage of stocks closing below the 30-day low increased to 9% from 2% last week which is indicating that the recovery that we have seen lately among the SMIDs is yet to become broad-based, he said.
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After the solid rally seen particularly on Thursday's expiry, what does the bigger picture look like for the April series which will also mark the beginning of voting in the Lok Sabha election?
In the last 10 years, 60% of the time Nifty50 has gained an average of 5% in April. If we look at the returns during the election period in the last 20 years, 75% of the time April months have been positive. Top contributors to Nifty50 this month were Auto and Banks, which contributed around 43% to Nifty. We haven’t seen much participation from the IT, Energy, and Oil sector which together contributes around 27% to Nifty.
These sectors need to shed their troubles to lend momentum to Nifty’s upsides. The need for more actors to take centre stage is pressing, as Thursday saw a clear case of rejection trade in the face of a record peak. It was evident that while traders were keen on bargain hunting early in the week, which ultimately forced a short covering rally as the week progressed, with an urgency prompted by derivatives’ expiry, the
