These 3 stocks have shown good chemistry with 50-day EMA in the last few trading sessions, indicating strong bullish activity. Here’s an in-depth look.
The 50-day EMA bounce strategy is based on the idea that a stock price that retraces to its 50-day EMA and then bounces off of it may be a signal that the stock is poised for a rally. The strategy involves buying the stock when it bounces off of the 50-day EMA and then selling it when the price breaks below the 50-day EMA.
Mahanagar Telephone Nigam’s stock has bounced from its 50-day EMA indication of strong bullishness on Friday. The stock also witnessed a price volume breakout on the same day. In today’s day trading session, Mahanagar Telephone Nigam Ltd showed notable activity. The stock opened at Rs 28.65 and reached a high of Rs 30.95 while experiencing a low of Rs 28.6. The current market price (CMP) stands at Rs 30.8, slightly higher than the previous close of Rs 28.7, reflecting a positive momentum with a 7.32% change. This stock has generated 59.34% returns for its investors over the 6 months.
Mahanagar Telephone Nigam Ltd is engaged in the provision of telecommunications services. It operates through the Basic and Other Services and Cellular Services segments.
Central Bank of India is trading at a 50-day EMA and is likely to bounce back to upper levels as a strong resistance is just intact at Rs 41.40. Previously the stock price has bounced by forming a hammer candlestick pattern. As soon as stock price picks the momentum it may break the above trendline and show a good up move. In today’s day trading session, Central Bank of India Ltd witnessed a moderate start with an opening price of Rs 44.25, reaching a high of Rs 45.25 and a low of Rs 44.05. The current market price (CMP) stands at Rs 44.2, slightly above the previous close of Rs 44.05, reflecting a marginal increase of 0.34%. Central Bank of India has generated more than 59.86% in returns in the last six months.
Central Bank of India is in the provision of commercial banking products and services. It operates through the following segments: Treasury, Corporate and Wholesale Banking, Retail Banking, and Other Banking Operations.
Sutlej Textiles & Industries’ stock witnessed a bounce back from a 50-day EMA and also a price volume breakout. The stock price has broken its 52-week high with the previous lower highs which may act as a resistance. In today’s day trading session, Sutlej Textiles and Industries Ltd exhibited notable activity. Opening at Rs 65, the stock experienced fluctuations throughout the day, reaching a high of Rs 69.4 and a low of Rs 63.5. The closing price settled at Rs 67.1, showcasing a positive momentum with a 5.92% change from the previous close of Rs 63.35. The stock has generated more than 48.45% in returns in the last six months.
Sutlej Textiles & Industries Ltd is a holding company, which engages in the manufacture and sale of textile products. It operates through the Yarn and Home Textiles segments.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.
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