150 stocks including Infosys, HUL and TechM sending buy signals on MACD
Published On: Tuesday, November 9, 2021 | By: Team KnowMyStock
Even as Nifty50 was trading lower in Today's trade, as many as 150 NSE listed stocks, including Infosys, Hindustan Unilever (HUL), and Tech Mahindra (TechM), was sending 'buy' signals on MACD or moving average convergence divergence chart. The momentum indicator has signaled bullish crossovers on such stocks — a sign of bullish undertone — hinting at possible upsides in the days ahead. Fortis Healthcare, Delta Corp, Mindtree, Wockhardt, Parag Milks, Trent, and PVR were some other stocks sending out bullish signals on the technical indicator. MACD is known for signaling trend reversals in traded securities or indices. It 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 indicate ‘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.Data showed six stocks were showing bearish trends. They included Sterling & Wilson, HG Infra Engineering, Alkali Metals, P&G Hygiene, Remsons Industries and Gujarat Apollo Industries.
The MACD indicator should not be seen in isolation, as it may not be sufficient to take a trading call, just the way a fundamental analyst cannot give a ‘buy’ or ‘sell’ recommendation using a single valuation ratio.
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