Bulls in-charge: Over 50% stocks from Nifty500 trade above major support

Stocks like Asian Paints, Astral, Balrampur Chini, Birlasoft, Carborundum Universal, eClerx, Infosys, Max Healthcare, Tube Investments and Torrent Pharma and others are trading at life-time highs

While the benchmark index, Nifty 50 is still far from the peak of 18,604 levels, major stocks in Nifty 500 are reflecting an overwhelming responce to the recent reversal. In the last two months of 2021, volatility was highest and several stocks were on the course to lose the bullish ground.

Now, as the index is up 8 per cent from the recent low of 16,410 levels, various stocks have hit new all-time highs with key indicators showing unanticipated momentum.

Stocks making new all-time highs include Anupam Rasayan India Ltd, Asian Paints Ltd, Astral Ltd, Balrampur Chini Mills Ltd, Birlasoft Ltd, Carborundum Universal Ltd, eClerx Services Ltd, Grindwell Norton Ltd, Infosys Ltd, K.P.R. Mill Ltd, Max Healthcare Institute Ltd, Tube Investments of India Ltd, Torrent Pharmaceuticals Ltd and many more.

All this bullishness was predictable when said stocks managed to sustain above 50-day moving average (DMA). Moving averages assists in gauging the inner strength and helps to acknowledge the shift in momentum. It is a parameter that smoothens data derived from set of prices over a certain period of days.

Whenever a stock points at conquering 200-DMA, 100-DMA or 50-DMA, it signals a positive bias with market participants eager to enter. The 50-DMA is recognized as the parameter that shows follow-up buying in respective stocks. And when it is crossed and sustained, the momentum and direction are said to attain robust trend.

In the Nifty 500 index, over 50 per cent, nearly 273 stocks are currently sustaining above the respective 50-DMAs showing a firm positive sentiment at the current situation. Among these 273 stocks, 100 stocks seem to be on course to claim a new territory with technical indicators such as Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) favouring the positive sentiment.

Here is the lists of Bullish stocks ready to scale higher levels :-

Source: spidersoftware

Source: spidersoftware