INSUBCONTINENT EXCLUSIVE:
Shares of HDFC Bank slipped below their 200-Day Moving Average for the first time in 20 months today
The scrip was trading 0.91 per cent down at Rs 1,975.15 at around 10.05 am against its 200-DMA of around Rs 1,980.
The stock has advanced 7
per cent so far this year while the 30-share Sensex gained 11 per cent during the same period.
When an index or a stock closes below the
200-DMA, it is said to be in a long-term downtrend
This also signals that a new buyer of the index or a stock is willing to pay less than the average price paid in the past 200 trading days
of further weakness at the counter.
MACD, a trend-following indicator, is the difference between the 26-day and 12-day exponential moving
Inflows from foreign portfolio investors into domestic equities are also looking sluggish in September as they have offloaded shares worth
of over Rs 3,500 crore till date
Their net investment stood at Rs 2,263.92 crore and Rs 1,775.41 crore in July and August, respectively
