These mid- and large-cap stocks are trading above 30 DMA despite market correction
![These mid- and large-cap stocks are trading above 30 DMA despite market correction These mid- and large-cap stocks are trading above 30 DMA despite market correction](https://www.5paisa.com/sites/default/files/images/no-image.jpg)
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Last Updated: 13th December 2022 - 10:18 am
Indian stock indices, which had hit a record high a month ago, have corrected as valuation concerns worried investors. The recent outbreak of a new variant of the coronavirus and uncertainty about its impact on even vaccinated people have further hit investor sentiment.
Indeed, stock market indices have scaled back by around 5% over the last couple of weeks. This has dragged stocks lower in the last 30 days even though most stocks are trading near their yearly highs and some are still close to their all-time peaks.
We scanned through the list of stocks that have shown resilience to the recent selloff in the market to pick scrips that are trading at a premium to their 30-day moving average (DMA).
If we look at the club of mid- and large-cap stocks that have maintained their monthly average or have even grown over the average price of the last four weeks, we get a set of around 45 companies.
Of these, five stocks last traded at a premium of 10% or more compared to their 30 DMA. These include Tanla Platforms, Thermax, Sheela Foam, KEI Industries and TCI Express.
Tanla Platforms, previously known as Tanla Solutions, is a cloud communications company based in Hyderabad. Recently, the credit arm of private equity giant Blackstone sold its stake in the firm. Tanla’s stock has climbed over 20 times since mid-2020 and last traded at a price that is 20% more than its 30 DMA.
Engineering firm Thermax, which provides energy and environment solutions, is also nearly a fifth higher than its monthly average.
Sleepwell mattress maker Sheela Foam, power cable maker KEI Industries and logistics services provider TCI Express are trading 12-18% above the DMA, showing a bullish stance.
If one looks down the order with stocks that are 5-10% above the monthly average, we get names like Timken India, Metropolis Healthcare, Minda Industries, SKF India, BSE, ABB Power Products, Solar Industries, Sonata Software, Navin Fluorine, APL Apollo Tubes and Cipla.
Barring Cipla, almost all of these are from the mid-cap counters.
Among the list of large caps, the share prices of Tata Consultancy Services, Asian Paints, Nestle India, Adani Total Gas, Tech Mahindra and Havells are hovering above the 30 DMA.
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Tanushree Jaiswal
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Tanushree Jaiswal
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