200 EMA negative crossover: BEL, HCL Technologies and Indigo fall below their long-term moving average

NIFTY50 continues to trade with deep cuts on Wednesday as sharp rally in crude oil prices renewed the concerns of inflation. The 7.8% GDP growth in the Q1FY27 development failed to boost investor confidence as renewed hostilities in the Middle East region worried investors more. Meanwhile, the index breadth went in favour of declines as 39 stocks out of the 50 index constituents traded in the red and 11 in the green.

The weakness spread across the broader markets as well with NIFTY Midcap 100 and NIFTY smallcap 100 plunging 0.9% and 0.6% respectively. The NIFTY microcap 250 index also plunged 0.6% after hitting fresh record highs on Tuesday.

All the sectoral indices traded in the red, NIFTY Auto (-2.4%), IT (-1.4%), Media (-1.4%) and Consumer Durable (-1.1%) were the top losers. The selling pressure aggravated in few stocks as they plunged below their 200-EMA levels on Wednesday.

Here are top three stocks from NIFTY50 index, which fell below their 200 EMA levels

Bharat Electronics

Shares of one India’s leading defence player, Bharat Electronics ltd, crossed its 200-EMA level of ₹408 apiece on the NSE to currently trade at ₹404 apiece. Additionally, the daily chart also displayed a bearish crossover, with 20 and 50 EMA crossing 100 EMA from above.

Interglobe Aviation

Shares of India’s largest aviation company, Indigo, witnessed sharp selloff as renewed Middle East tensions rose the crude oil prices. The shares crossed its 200 EMA level of ₹4987 to hit intraday low of ₹4,908 apiece on the NSE. At 2:20 pm, the shares are hovering near the 200 EMA mark, attempting to defend the crucial long-term average on a closing basis.

HCL Technologies

Shares of one of India’s top IT services firm, HCL Technologies traded in deep red as selling pressure on the IT stocks intensified after the US treasury yields hinted towards impending rate hike. Shares of HCL Technologies, hovered near 200 EMA level of ₹1,324 apiece on the NSE at 2:20 pm on Wednesday. A daily closing below the 200 EMA level, would intensify the bearish sentiment in the stock at current levels.