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In the Nifty 500, four stocks were witnessing Death Crossovers, according to stockedge.com's technical scan data. The death cross is a technical indicator of bearishness. The death cross appears on a chart when a stocks short-term simple moving average (SMA) crosses below its long-term moving average on the downside. These stocks' 50-day SMA crossed below their 200-day SMAs on December 20. Take a look:
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There have been news of gold-based lending going up, which is probably indicative of some stress and lot of that is now getting probably reflected in the price. So, some of the quality banks may do well.
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The Nifty index saw a sharp drop on Friday, with stocks like Angel One and HPCL declining. Analyst Pravesh Gour suggests Angel One could find support at 2800, while HPCL needs a breakout above 420. Anant Raj, near its all-time high, shows strength and may target 1000.
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