Nifty is poised for more gains, according to technicals.
Broader index NSE is steady on Wednesday after hitting its highest level since October a day before.
Technicals point to more gains ahead even as NSE has gained 18 per cent since hitting a near-two year low on February 29.
NSE index’s 50-day moving average had crossed above 200-day average in May, creating a “golden cross.’’
Last golden cross on NSE in November 2013 led to advances that lasted more than 2 years with gains of about 45 per cent.
Price volume trend (PVT) indicator is at 1-year high, indicating a bullish momentum.
MACD is positive and above its signal line, a positive sign for the stock.