12 High-Quality Stocks Drop To 52-week Lows & below 200-Day Moving Averages
Markets have once again succumbed to selling pressure with stocks dropping all over again. The collapse of the Silicon Valley Bank saw investors dump stocks. In a step aimed at protecting the US economy by strengthening public confidence in the country’s banking system, the Biden administration announced that depositors of the Silicon Valley Bank will have access to their money from Monday.
In any case here are a few quality stocks that fell to 52-week lows and below 200-day moving averages.
Among the names included Aarti Drugs, Motilal Oswal Financial Services, Avanti Feeds, Gillette India, Godrej Agrovet, Greaves Cotton, IPCA Labs, Laurus Labs, Muthoot Finance, Rossari Biotech, United Drilling and Uniparts India.
Meanwhile, the sell-off in the markets continued as the markets continued to worry over the implications of the collapse of the Silicon Valley bank. The fall in the markets was despite good IIP numbers.
India’s industrial growth at 5.2% was slightly ahead of expectation. “This was among the top-four G-20 countries performances for the third successive month. Durables and export-oriented industries are facing the heat while staples and infra are doing better. Expect flattish growth in Feb’23. Unless Feb’23 inflation is well above expectations, we expect the RBI to pause rate hikes at its Apr’23 meet,” Anand Rathi said in its latest report.