Synopsis
The number of index constituents trading above 200-DMA, another technical indicator, is also favourable. At present, 70% of the Nifty 50 constituents are trading above the threshold — one of the highest among the all major markets, according to Bloomberg data.
ET Intelligence group: The momentum in Indian equities built over the past two months is likely to sustain given the current trend on the technical charts. The benchmark Nifty 50 has formed a Golden Cross on charts for the first time in over two years. The pattern takes place when the short-term moving average of an index value moves above the long-term moving average.
At present, the 50-day moving average (DMA) of the Nifty 50 is at 16,821
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