 "'Golden Cross' on 7 Nifty 500 stocks hints positive bias; take a look")
A Golden Cross is said to occur when a short-term moving average crosses above the longer-term moving average. The significance shows bullishness, as trend reverses suggesting stocks rallying towards new highs.
Majorly, a short-term moving average is 50-days and longer-term is 200-days. It has been identified on various charts that if any security manages to hold or stabilize above the crossover price, then can see a jump of 5 per cent to 7 per cent.
Moreover, the moving averages are considered as support levels and if breached on the lower side, then one can assume the beginning of a negative trend. As stocks rise upward, the averages try to build buying support which helps in minor correction, looked as buying opportunities.
When correlated with other indicators on overbought positions can help to determine the immediate target levels. The overall trend turns highly optimistic if security holds the breakout price of Golden cross. Sooner, a rise in volume further adds to the upward trend.
A successful Golden Cross not only changes the stock sentiment, but adds to the immediate trading strategies. One may look at going long considering 10-15 days as trading sessions as charts suggest.
Here is the list of stocks that made Golden Cross from the last week:-
| STOCKS | KEY LEVELS |
| Canara Bank | 276 |
| Strides Pharma Science Ltd | 492 |
| Cera Sanitaryware Ltd | 2821 |
| PC Jeweller Ltd | 164 |
| ABB India Ltd | 1437 |
| Gujarat Gas Ltd | 162 |
| Supreme Industries Ltd | 1152 |
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