Axis Bank, Titan, DLF among stocks with Golden Crossover

resr 5paisa Research Team

Last Updated: 12th December 2022 - 01:59 pm

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The Indian stock market was affected by bearish sentiments globally on Wednesday on account of high inflation in the US and what it means for the Federal Reserve's action in the near term. Still, it has remained partly resilient and bounced back to claw back much of the early morning loss.

Investors looking at charts and price and volume patterns have various parameters to decide whether a stock is ripe for the pick or is best left untouched.

One of the technical marks to pick or move away from a stock is to see which ones have a ‘golden cross’ and which others have the ‘death cross’ etched on their back. Both use the concept of moving averages to show trend lines on what the charts foretell about the possible future trajectory of a stock.

The Golden Cross strategy picks stocks whose simple moving average, or SMA, for the last 50 days has crossed above their SMA for 200 days. This is seen as a critical technical indicator for stocks that could be in the bullish zone.

On the flip side, the Death Cross strategy picks stocks whose 50-day SMA has sunk below their 200-day SMA. This is seen as a critical technical indicator for stocks that could be in the bearish zone.

We ran an exercise to see which stocks carry the Golden Cross.

This list of stocks, which had a crossover date over the last one week, has around 27 names. These include well-known companies such as Bajaj Finance, Axis Bank, Larsen & Toubro, Tata Motors, Titan, InterGlobe Aviation, Kotak Mahindra Bank and DLF.

Among others, Escorts Kubota, IFB Industries, Exide, Blue Star, Ajanta Pharma, Cholamandalam Finance, Century Plyboards, EIL, Kalpataru Power, Radico Khaitan, Can Fin Homes, SJVN, Triveni Turbine, Bajaj Holdings, Aditya Birla Fashion, SRF, Century Textiles, Honeywell Automation, TTK Prestige, Cera Sanitaryware, Oberoi Realty and Whirlpool of India also are in a bullish spot.

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