Fall in number of stocks above 200 DMA has acted in past as a precursor to correction.
It is the most difficult time because it has been at least three or four years that we have this environment
The attraction is a tax rate that’s on a par with that in Singapore and Mauritius that provides some protection from India’s indirect transfer of shares framework.
Analysts said concern over near-term prospects may have prompted FPIs to sell.
Bloomberg data shows that of the 46 analysts tracking the stock, 23 have a buy rating, 20 have a hold rating.
HSBC said first quarter revenue and earnings growth were significantly above Street expectations.
Analysts said stocks get cornered after listing due to frenzied buying, leaving little float for public.
The brokerage has maintained hold rating on ITC with a target price of Rs 320.
The long-short ratio has come down to 66 per cent from 82 per cent, said Seth.
Some NBFCs and consumer-staple companies have run up ahead of fundamentals.
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