With markets have officially entered a correction phase with Nifty 50 falling by 10% from its highs in September. Most of the stocks have been trading in red and facing bearish sentiment. Market heavyweights Reliance Industries and Tata Motors have been trading down 20% and 30% from their respective highs. 

In this scenario, we look at stocks that have bullish indicator in the short term. We are looking at stocks trading above their 20 day exponential moving average (EMA).

The exponential moving average is a technical indicator that measures the change in a stock price over a fixed period. In the exponential moving average, there is more weightage given to recent data in order to react to recent price changes. 

Usually, when a stock is trading above its 20-day EMA, it has short-term bullish bias. 

Here are the top stocks that have been trading above their 20-day EMAs:

Bajaj Holdings and Invetsments

The holding company has 20-day EMA of ₹10,506.76 and the stock is currently trading around ₹10,940. The stock in the past month has gained 2% as compared to Nifty's 6% decline in the same period. 

Coforge

The IT company is trading around ₹8056.7 above its 20-day EMA of ₹7,684.88. The stock has gained over 8% in the last month.

Eicher Motors 

The two wheeler company is trading above its 20-day EMA of ₹4788.53 as the stock is around ₹4946.45. The Royal Enfield maker's stock has gained 3% in the last month.

TCS

The Tata Group stock is trading above its 20-day EMA of ₹4120.17 as the stock is trading at ₹4145.2. The stock had gained over 0.17% in the last month.

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Paytm

Paytm is trading at ₹781.5 above its 20-day EMA of ₹763.26. Paytm has staged a turnaround after sinking to lows in January as the stock has gained over 9% in the last month. 

Indian Hotels

Indian Hotels is trading above its 20-day-EMA of ₹695.46. The stock is trading at ₹734.55 and gained over 4% in the last month.

JSW Energy

JSW Energy is trading around ₹728.2, above its 20-day EMA of ₹701.68. JSW Energy shares have jumped over 3% in the last month.

Wipro

Wipro's 20-day EMA is at ₹556.04 and the stock is trading around ₹566.75. The IT company's stock had gained 3% in the last month.

Aster DM Healthcare

Aster DM Healthcare is trading around ₹439.7 just above its 20-day EMA of ₹433.64. The stock has surged over 5% in the last month. 

PB Fintech

PB Fintech's 20-day EMA is around ₹1679.18 and the stock is trading above it at ₹1700.4. Policy Bazar's parent company has gained over 2% in the last month. 

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