15% of Stocks Still Trade Below June 4 Candle High

Market Turbulence and Recovery: A Tale of June 4th

On June 4th, the Indian equity markets experienced unprecedented turbulence, recording the sharpest single-day fall since the pandemic outbreak. This decline was primarily due to the actual voting results showing an underperformance by the BJP compared to the exit polls. As a result, uncertainty gripped the market regarding policy continuation, leading to a significant nosedive.

The Immediate Impact

On June 4th, the frontline gauge and the majority of stocks recorded a wide-range candle amid high volatility. However, as clarity emerged, the market regained its strength and went on to touch a fresh all-time high the following Monday. Along with the frontline gauge hitting a new all-time high, the broader markets, represented by the Nifty Midcap 100 and Smallcap 100, also reached fresh all-time highs.

Stocks Lagging Behind

Despite the overall market recovery, there are still some stocks that have failed to surpass their June 4th highs. In this study, we have taken a broader universe of the Nifty 500. As of this writing, about 74 stocks, which translates to roughly 15% of the total stocks in the Nifty 500 index, are trading below their June 4th candle.

Illustration: ABB

To illustrate this, we have taken the daily chart of ABB:

Complete List of Stocks

1. – ABB
2. – ACC
3. – ADANIENT
4. – AMBUJACEM
5. – ASHOKLEY
6. – AXISBANK
7. – BHEL
8. – BLUESTARCO
9. – CAMS
10. – CANBK
11. – CARBORUNIV
12. – CDSL
13. – CENTRALBK
14. – CESC
15. – CGCL
16. – CGPOWER
17. – COALINDIA
18. – CONCOR
19. – CUMMINSIND
20. – DATAPATTNS
21. – DLF
22. – GAIL
23. – GMDCLTD
24. – GPPL
25. – HBLPOWER
26. – HDFCAMC
27. – HFCL
28. – HINDCOPPER
29. – HONASA
30. – IDBI
31. – IDFC
32. – INDUSINDBK
33. – INDUSTOWER
34. – IOB
35. – IRCTC
36. – IRFC
37. – ISEC
38. – JIOFIN
39. – JSWENERGY
40. – LICI
41. – LINDEINDIA
42. – MAHABANK
43. – MEDPLUS
44. – MRPL
45. – MTARTECH
46. – NATIONALUM
47. – NHPC
48. – NMDC
49. – NTPC
50. – OIL
51. – OLECTRA
52. – ONGC
53. – PETRONET
54. – PNB
55. – POWERINDIA
56. – RAJESHEXPO
57. – RBLBANK
58. – RELIANCE
59. – RHIM
60. – SAIL
61. – SBIN
62. – SCHAEFFLER
63. – SIEMENS
64. – SJVN
65. – SOLARINDS
66. – STARHEALTH
67. – SYRMA
68. – TATAPOWER
69. – THERMAX
70. – TVSSCS
71. – UCOBANK
72. – VAIBHAVGBL
73. – WELCORP
74. – ZFCVINDIA

Understanding the performance of these stocks is crucial for investors looking to navigate the market with informed decisions. Keep an eye on these stocks as the market dynamics continue to evolve.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.