This is a technical summary of Nifty 50, one of the major Indian share market index. 5 Nifty Stocks are technically very strong as per the ADX daily charts. Cipla, HCL Tech, Dr Reddy, IOC and Vedanta are in strong trend with ADX more than 30 in the positive side. Also stocks like Infratel, Britannia, Hero Motors, Bharti Airtel, Coal India, ITC, Hindalco, Titan, TCS, Tata Motors and Mahindra also in positive trend with ADX more than 20.
Mainly 4 stocks are strong negative trend with ADX in negative with value more than 20 or ADX less than -20. Kotank Bank, Bajaj Finance, Bajajfinsv and SBIN – all from the finance sector.
Rest of the Nifty stocks are not in any trend as of today ie 31st May 2020. Also note that this trend based on daily charts – so for short term to medium term only. For long term check weekly or monthly charts.
Overall markets recovered smartly after the March 23 crash due to corona virus outbreak worldwide. But still there is not much respite from the corona virus covid-19 issue. So be careful investing at this juncture because more downside possible in the coming months especially if you are investing for long term. Always sit with some cash as Indian and world economies are staring at a recession or depression in the coming quarters.