Benchmark equity indices BSE Sensex and NSE Nifty traded in the red on Thursday following subdued macroeconomic data.
The BSE Sensex was down 162.76 points at 41,403.14 at around 10:35AM (IST).Momentum indicator Moving Average Convergence Divergence (MACD) shows shares of PC Jewellers, ONGC, Mirza International, Max Financial Services, Balrampur Chini, India Glycols, Uttam Sugar Mills, Nahar Poly Films, Take Solutions, Veto Switchgears, De Nora India, Timken India, MT Educare, Essel Propack, Venus Remedies, Arvind Fashions, Bliss GVS Pharma, Elgi Rubber, Kansai Nerolac Paint, Carborundum, Manaksia Aluminium, Ratnamani Metals, Kilitch Drugs(I), Sanghvi Forging - En and N K Industries have witnessed an upward crossover, or bullish crossover, indicating that they have just begun an upward journey.Some of these counters have also been witnessing strong volumes, adding further credibility to the emerging trend.
The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices.
MACD is the difference between 26-day and 12-day exponential moving averages.A 9-day exponential moving average, called the signal line, is plotted on top of the MACD to show buy or sell opportunities.
A buy signal occurs when the MACD rises above its signal line and vice-versa.
However, the MACD indicator alone may not be sufficient to take an investment or trading call.Traders should make use of other indicators such as Fibonacci series, RSI, candlestick patterns, Bollinger Bands and stochastic to confirm any trend.
It is advisable to consult a financial expert before taking any buy or sell call on a stock based on chart reading.Shares of Indian Railway Catering - Tourism Corporation (IRCTC), Johnson Controls-Hi, Ajanta Pharma, GMM Pfaudler, Pfizer, IIFL Wealth Management Ltd., Sanofi India, United Spirits, Mas Financial Services and GSK Cons Health hit their fresh 52-week high in Thursdays trade.