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Chart Reading: 75% of BSE500 stocks trading below 200-DMA

Avdhut Bagkar/Mumbai 07 Dec 18 | 03:59 PM

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The frontline index Nifty reversed from 10,000 level recently and conquered 200-day moving average (DMA). Nifty Bank has rebounded from 24,240 and is currently trading above 50 DMA and 200 DMA. An indication of positive trend has emerged in the moving average theory which says index and stocks crossing 200-DMA will see optimistic sentiment. Few stocks are yet to catch up 200-DMA, however, they are showing positive momentum on technical charts. 

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STOCKSCMP50-DMA100-DMA200-DMATECHNICAL SCENARIO KSCL515512559536Inverse Head & ShoulderMGL863.3830.7852878Consolidation BreakoutBANDHAN BANK471.3456.9556-Rising Channel PatternL&TFH138131.3150157.2Volume breakout 

Kaveri Seed Co: The stock managed to close above 200 DMA a couple of sessions ago and has seen profit booking rather than follow up buying. Currently, 50-DMA is acting as support level on the closing basis. Consolidation is seen in the range of Rs 490 – Rs 530. 

Mahangar Gas: It is trading above 50 DMA and 100 DMA and is hovering around 200-DMA located at Rs 878 – Rs 880 with consolidation breakout on chart. 

Bandhan Bank witnessed a formation of "Rising Channel pattern" trending above 50-DMA. The volumes have remained inactive in volatile sessions. 

L&T Finance Holdings: It has seen volumes breakout with price moving higher. The range of Rs 140 – Rs 138 was crossed heading towards 100-DMA, currently seen retesting support levels. 

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