Tech view: These 28 stocks are on the verge of 'Golden Cross' breakout

A "Golden Cross" breakout indicates a firm bullish sentiment in the medium-term

For the past one and a half month, S&P BSE Sensex and Nifty50 are struggling to gain new territory. Both are seemingly stuck in a tight battle against the bears. For Sensex, conquering 53,300-mark and for Nifty50 16,000 level have become a difficult feat to achieve.

On the flip side, the overall market breadth is favouring the bulls, and hinting at a strong positive sentiment. Nearly 436 or 87 per cent of the total stocks in the Nifty500 basket are trading well above the decisive 200-days moving average (DMA). This indicates a bullish environment for investors.

The market participants consider 200-DMA as the most relevant indicator to arrive at trading and investing conclusions. Stocks that trade above 200-DMA are said to have gained momentum and are anticipated to move higher, with a lesser probability of facing selling pressure and vice versa.

Furthermore, apart from the select frontline stocks, mid-caps like Balkrishna Industries, Bata India, Tata Elxsi, Trent, etc are also indicating strength in price action. Among these, Bata India has formed a "Golden Cross", which inevitably reflects a positive breakout.

Several small-cap stocks, such as Balrampur Chini Mills, Avanti Feeds, Caplin Point Laboratories, National Aluminium Company, Route Mobile and Sonata Software among others, are also reflecting bullishness.

Here are a few major stocks in the Nifty500 pack that are in the process of breakouts on a "Golden Cross":

Source: spidersoftwareindia