RIL, Maruti, NTPC among 200 stocks that have given buy signals on charts
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NEW DELHI: The Nifty50 came under pressure around its crucial resistance level of 8,800 on Tuesday, but the momentum is still on the upside and there was plenty of action in individual stocks.
While the S&P BSE Sensex slipped nearly 100 points on Tuesday, over 200 stocks on BSE and nearly 100 stocks on NSE generated buy signals on the technical charts based on ‘Stochastics Oscillators’.
Stochastics Oscillator is a momentum indicator that uses basic support and resistance levels and integrates that with the ongoing trend to generate an accurate buy or sell signal for traders.
Stocks that gave entry signals with strong volumes include Jet AirwaysBSE -1.23 %, Firstsource SolutionsBSE 6.61 %, Sunil HitechBSE 1.63 %, NOCIL, Opto Circuits, Reliance Defence, Torrent Power, NTPC, Nitesh Estates, L&T, RIL, Maruti Suzuki, Astra Microwave, Page Industries, Hero MotoCorp and Bharat Electronics.
Momentum oscillators such as Stochastics can give clues to traders when the momentum slows down or picks up. It is measured with the %K line and the %D line. Traders should follow the %D line closely, because that indicates any major change in trend.
A default period of 14-day is used to calculate Stochastic Oscillator, which is commonly referred to as %K. The K line is the fastest and the D-line is the slower of the two.
For decision making, investors need to watch the D-line. If the price of the security moves above the 80, it signifies an overbought zone. If the value moves towards 20, it signals an oversold zone.
The thumb rule of using this indicator is that when the faster stochastic goes over the slower moving one, it indicates a change in the short-term momentum and could be interpreted as a signal to enter or buy the stock.
On the other hand, when the fast-moving stochastic crosses below the slower-moving one, it indicates a fall in the short-term momentum and can be interpreted as a signal to exit or sell the stock.
Let’s take the example of NTPC, where the faster stochastic crossed over the slower-moving one on Tuesday, indicating that the momentum is getting stronger.
Data from ETMarkets.com showed the value of faster stochastics was 41.90, which was higher than the value of slow-moving stochastic at 40.13.
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