Consumer Index sees trend reversal ahead of Budget; M&M, ITC near breakout

If the moving average continues to bolster the index, the reversal could see most of the consumer index stocks performing better

Majority of stocks in Nifty Consumer Index on Wednesday saw a trend reversal, as the index continues to defend the key support since last four sessions. Shares of Trent, Page Industries and Havells India were up 2 per cent, respectively. 

 

So far, the Nifty Consumer Index has tumbled 8 per cent from the all-time high recorded in the last September and is now holding ground near the key support of 200-day moving average (DMA) placed at 7,409-mark. The resilience in the past four sessions reveals the index is not letting bears to violate the foremost average. 

 

If the moving average continues to