These 5 major large & midcap stocks may see consolidation, suggests ADX scan
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What is ADX?
ADX or Average Direction Index is a technical analysis tool that helps to quantify the strength of a trend. ADX is computed based on a moving average of price range expansion over a given time period. Here, we have identified 5 major large and midcaps whose ADX has crossed 25 from above. Note the data here is from the previous trading day (Source: StockEdge)
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Importance of ADX
Following the trend helps to minimize losses and also increases the scope of potential gains. Also, traders by employing the scan identify the strongest and most profitable trends to trade.
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ADX moving below 25 from above: Significance
In case the ADX moves below 25 from above, it generally hints at likely consolidation in stocks.
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IRCTC
ADX: 24.06| Previous ADX: 25.74| Closing price: Rs 633.1| Change %: -0.3
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Bajaj Auto
ADX: 23.83| Previous ADX: 25.5| Closing price: Rs 4610.65| Change %: -1.7
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Balkrishna Industries
ADX: 24.48| Previous ADX: 25.49| Closing price: Rs 2348.75| Change %: -0.9
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Crompton Greaves
ADX: 24.95| Previous ADX: 25.86| Closing price: Rs 286.95| Change %: -0.9
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Godrej Consumer Products
ADX: 25| Previous ADX: 25.81| Closing price: Rs 1060.95| Change %: -1.9