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Indian Large-Cap Stocks Weakening | Investopedia


One of the most valuable parts of our research process in the U.S. is our multi-timeframe analysis of the Dow 30 components. By analyzing 30 of the largest companies in the U.S. markets, we can quickly gain an understanding of the index’s underlying trend as well as which sectors are showing relative strength and which are showing relative weakness.

In India, we perform the same exercise with the Nifty 50 and Nifty Next 50. Over the past few months, we’ve pointed out the weakness in mid-cap and small-cap stocks, but more recently, our analysis of the individual stocks within these large-cap indexes has started to suggest that this weakness may be spreading.

[My Technical Analysis course on the Investopedia Academy includes interactive content and real-world examples that will help you hone your trading skills.]

One of the weakest stocks in both of these large-cap indexes is Idea Cellular Limited (IDEA.BO), which fell 57% from its December highs over four months, retested broken support, and is now continuing lower. As long as prices are below 65.75 Indian rupees, we want to be short and looking to take profits at its former all-time closing low near 37 rupees.


Technical chart showing the performance of Idea Cellular Limited (IDEA.BO) stock


Premium Members of Allstarcharts India can use these links to access a full list of short setups in the Nifty 50 and Nifty Next 50.


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June 23, 2018

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