Nifty May Scale 9500 In May; Over 100 Stocks Gave Bullish Crossover Based On MACD

The moving average convergence and divergence, popularly known as MACD, is a trend following momentum indicator shows that as much as 69 stocks on the BSE and 102 stocks on the BSE witnessed an upwards crossover or bullish crossover of MACD on Tuesday markets hit a fresh record high.

The Nifty closed above its crucial level of 9,300 for the first time ever and if the momentum continues, it is on track to hit 9350-9380 ahead of April month’s expiry on Thursday.

However, there could be some profit booking as Nifty is trading near its crucial resistance levels, but stock specific action is likely to continue.

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