Stock market update: MACD shows Adani Enterprises, Jain Irrigation, JP Power among stocks ready to rally
Some of these counters have also been witnessing strong trading volumes of late, adding further credibility to the emerging trend.
By ETMarkets.com | Updated:
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NEW DELHI: Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish crossover on over 45 stocks on NSE in Wednesday's trade.
Among the stocks that showed bullish crossover included Adani Enterprises, Jain Irrigation Systems, Jaiprakash Power Ventures, Adani Ports & Special Economic Zone, Trident, V-Guard Industries, Punjab & Sind Bank and Motherson Sumi Systems.
Some of these counters have also been witnessing strong trading volumes of late, adding further credibility to the emerging trend.
Ujjivan Financial Services Limited, Gujarat Pipavav Port, BEML, Tejas Network, Future Market Network, ITI, JSLHISAR, Ramco Industries, Nava Bharat Ventures, KEI Industries, Kalyani Steels, Natco Pharma, TRF, IZMO, Gujarat Ambuja Exports, Coromandel International, Oricon Enterprises and Balaji Amines also featured among stocks that saw bullish crossovers.
The MACD is known for signalling trend reversal in a traded security or index.
It also signalled bearish crossovers on 32 stocks, including PC Jeweller, ICICI Bank, PTC India, InterGlobe Aviation, Hindustan Unilever, Mirza International and ACC.
MACD is a trend-following momentum indicator and is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on top of the MACD to reflect ‘buy’ or ‘sell’ opportunities.
When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Market experts say the MACD alone may not be a sufficient indicator to help take an investment call. Traders should make use of other indicators such as Relative Strength Index (RSI), Bollinger Bands, Fibonacci Series, candlestick patterns and Stochastic to confirm an emerging trend.
With a positive start, equity benchmarks Sensex and Nifty extended their record-setting spree for a third session on Wednesday on buying by domestic investors amid short-covering ahead of August futures and options expiry and mixed Asian cues.
The NSE Nifty index was trading flat at 11,738.45, while the BSE Sensex was up 17 points at 38,914 around 10:15 am.
Among the stocks that showed bullish crossover included Adani Enterprises, Jain Irrigation Systems, Jaiprakash Power Ventures, Adani Ports & Special Economic Zone, Trident, V-Guard Industries, Punjab & Sind Bank and Motherson Sumi Systems.
Some of these counters have also been witnessing strong trading volumes of late, adding further credibility to the emerging trend.
Ujjivan Financial Services Limited, Gujarat Pipavav Port, BEML, Tejas Network, Future Market Network, ITI, JSLHISAR, Ramco Industries, Nava Bharat Ventures, KEI Industries, Kalyani Steels, Natco Pharma, TRF, IZMO, Gujarat Ambuja Exports, Coromandel International, Oricon Enterprises and Balaji Amines also featured among stocks that saw bullish crossovers.
The MACD is known for signalling trend reversal in a traded security or index.
It also signalled bearish crossovers on 32 stocks, including PC Jeweller, ICICI Bank, PTC India, InterGlobe Aviation, Hindustan Unilever, Mirza International and ACC.
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MACD is a trend-following momentum indicator and is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on top of the MACD to reflect ‘buy’ or ‘sell’ opportunities.
When the MACD crosses above the signal line, it gives a bullish signal, indicating that the price of the security may see an upward movement and vice versa.
Market experts say the MACD alone may not be a sufficient indicator to help take an investment call. Traders should make use of other indicators such as Relative Strength Index (RSI), Bollinger Bands, Fibonacci Series, candlestick patterns and Stochastic to confirm an emerging trend.
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Retail investors should consult financial experts before buying or selling a stock based on such technical indicators.With a positive start, equity benchmarks Sensex and Nifty extended their record-setting spree for a third session on Wednesday on buying by domestic investors amid short-covering ahead of August futures and options expiry and mixed Asian cues.
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However, market pared a major chunk of its gains as caution crept in ahead of August series F&O expiry scheduled tomorrow amid mixed cues from other Asian bourses.The NSE Nifty index was trading flat at 11,738.45, while the BSE Sensex was up 17 points at 38,914 around 10:15 am.
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