It has mostly been a one-way street for small cap stocks that have taken it on their chin thus far in February. The Nifty Small cap 250 index has shed 3.2 per cent in the current month as compared to the 1.8 per cent decline in the Nifty Midcap 100 and the 0.5 per cent drop in the Nifty 50 index, data showed.
Technically, the index has slipped below its 20-day moving average (DMA) placed at 14,800 levels on Monday, and is currently testing the 50-DMA, and is placed at 14,278 levels. It slipped below the 50-DMA in November 2023, too, before posting a recovery.
In January 2024, the Nifty Small cap 250 index slipped below the 20-DMA but bounced back around 9 per cent thereafter.
So, is there a scope for a bounce back in the small cap stocks in the current fall, or are we in for a prolonged downtrend?
From a short to medium-term perspective, analysts expect the ongoing correction to continue, as a number of these stocks saw a sharp rally in the last few months. That said, they do not rule out short intermittent bounce backs.
Denne historien er fra February 14, 2024-utgaven av Business Standard.
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Denne historien er fra February 14, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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