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.
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