These stocks are outperforming Nifty 50

Markets have been trading in a narrow range with a negative bias for the past five trading sessions. In this article, we have identified stocks that have outperformed Nifty 50.

The Nifty 50 has been in a downward trend for over eight months. Even though it's thought that the market has bottomed out, there aren't any overt signs of it yet.

It experienced death crossover in May 2022 and has since been trading below its 50-Day and 200-Day Exponential Moving Averages (EMA). Even the gap between these moving averages and the index values has grown.

Additionally, 16,550 to 16,650 levels, which are nearly 1,000 points above current levels, are marked as a strong resistance. In the short term, 15,450 would provide support for the downside, while in the medium term, 15,200 to 15,050 would provide strong support.

When compared to its 9-Day Moving Average (DMA) of 39.49, the Relative Strength Index (RSI) is currently trading at 45, which is above the DMA. As a result, in the short term, strength remains intact. However, there is still some weakness in the medium term.

Nevertheless, we have recognised a few stocks from Nifty 50 universe that have outperformed the index.