These strong stocks from the Nifty 500 universe are witnessing a golden crossover

Nifty 50 started today’s session lower and ends near the day’s high. However, some stocks witnessed a golden crossover.

Nifty 50 opened lower amid weak global cues at 17,144.8 but ended the session near the day’s high. In fact, despite a weak Friday’s closing on concerns over the worsening of inflation leading the Fed to continue its aggressive monetary tightening, the futures of key Wall Street indices were trading in green at the time of writing.

Nasdaq Composite ended Friday’s session in red falling 3.08%. Dow Jones tanked 1.34% and S&P 500 plummeted 2.4%. Tracking the weak global cues, Asian peers too declined.

At the closing bell, Nifty 50 ended the session at 17,311.8, up 126.1 points (0.73%). Broader market indices underperformed frontline indices. Nifty Mid Cap 100 index was trading up by 0.16%, while Nifty Small Cap 100 index gained 0.45%.

In the last one month, Nifty 50 is down 1.76%. Despite such a performance, some pockets showed positive signs. We have identified a few stocks that have attained golden crossover.

A golden crossover occurs when a short-term moving average crosses over a significant long-term moving average. When a 50-Day Moving Average (DMA) crosses a 200-Day Moving Average (DMA) from below it is referred to as a golden crossover.