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Efficacy of Refined Macd Indicators: Evidence from Indian Stock Markets

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  • V Subramanian
  • K P Balakrishnan

Abstract

Moving Average Convergence Divergence (MACD) indicator is the most widely used technical analysis tool to identify trading signals based on the trends in security prices. On testing some of the standard and refined MACD indicators on the movements of BSE Sensex and NSE Nifty during 1997-2010, it was found that the returns of refined MACD indicators outperformed the benchmark market returns. Thus, the findings of this paper challenge the Efficient Market Hypothesis, which rules out the possibility of earning excess returns.

Suggested Citation

  • V Subramanian & K P Balakrishnan, 2014. "Efficacy of Refined Macd Indicators: Evidence from Indian Stock Markets," The IUP Journal of Applied Finance, IUP Publications, vol. 20(1), pages 76-91, January.
    • Handle: RePEc:icf:icfjaf:v:20:y:2014:i:1:p:76-91
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    Cited by:

    1. Piekunko-Mantiuk Iwona, 2019. "Parameterized Trade on the Futures Market on the WIG20," Folia Oeconomica Stetinensia, Sciendo, vol. 19(1), pages 114-125, June.
    2. Deimante Teresiene & Margarita Aleksynaite, 2020. "The Use of Technical Analysis in the US, European and Asian Stock Markets," Technium Social Sciences Journal, Technium Science, vol. 8(1), pages 302-318, June.

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