ITC, Bajaj twins: 3 in 4 Nifty50 stocks conquer 200-DMA; more upside likely

Among individual stocks, Adani Ports, Axis Bank, Bajaj Auto, Mahindra & Mahindra, Reliance Industries, State Bank of India, Larsen & Toubro and Maruti Suzuki have conquered their 200-DMAs

Equity markets made gained in July, with the Nifty 50 index ralling 8.7 per cent. The index snapped three straight months of losses as foreign portfolio investors (FPIs) turned buyers after being net sellers since October.

With the sharp bounce back, 37 stocks from the Nifty50 basket have moved above their respective 200-day moving average (DMA), reflecting a robust underlying trend. Technically, stocks sustaining over their 200-DMA are equipped with strong upward strength and are less prone to losing ground during a major drawdown in benchmark indices.

Among individual stocks, Adani Ports and Special Economic Zone, Axis Bank, Bajaj Auto,