Abstract
This study employs the Simple Moving Average (SMA) and the Displaced Moving Average (DMA) trading rules to test the weak form efficiency of the Indian equity markets. The indicators were applied on the S&P CNX Nifty, BSE Sensex as well as multiple individual stocks for a time period spanning 15 years (1991-2005). Our results provide sufficient evidence that the DMA indicator is a highly successful trading rule that generated profitable signals even after adjusting for transaction and other costs.
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