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In the Nifty 500 pack, four stocks' close prices crossed below their 200 DMA (Daily Moving Averages) on November 14, according to stockedge.com's technical scan data. Trading below the 200 DMA is considered a negative signal because it indicates that the stock's price is below its long-term trend line. The 200 DMA is used as a key indicator by traders for determining the overall trend in a particular stock. Take a look:
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Grasim Industries witnessed a 66% decline in Q2 consolidated net profit, reaching Rs 389 crore, despite an 11% surge in revenue, reaching Rs 33,563 crore. This downturn is attributed to reduced profit margins in the cement sector and initial investments in the 'Birla Opus' paint business.
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Nifty may signal a trend reversal above 24,140, but stronger price confirmation is needed for aggressive bullish positions.
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