Best intraday stock to watch out for on July 11
Last week, Nifty filled June 13 gap, along with this it has retraced 61.8% of its prior downtrend. It also managed to close above the 50DMA. After a hesitant move last week, the Nifty has resumed its upward move sharply. In the last five trading sessions, three positive gap openings indicate the regained strength of the bulls. As we stated last week, the counter-trend consolidation may extend above the 61.8% retracement level. Because the previous counter-trend rallies were limited to three to four weeks and ended at the 78.6% levels. The Intermediate swing high is at 16794, which is the June 3 high.
also acted as support previously. In the most bull case scenario, the Nifty may extend its rally near to this level, which is almost 100% retracement. As the 20DMA has entered an uptrend, the short-term trend is bullish. In case the Nifty is inches above the 16974, the intermediate trend will also become bullish. The Nifty is still 5.25% away from the long-term trend indicator, 200 DMA. Only above this, assume that the bear market has ended.
The stock has formed a seven-week base after declining over 45% from its recent high. It formed higher lows and parallel tops. It closed above the moving average ribbon. The narrowed Bollinger bands show a possible impulsive move as the price is above the 20DMA. It also closed above the 50DMA. The MACD line is just on the zero line, and the histogram shows a strong bullish momentum. The RSI closed above the prior parallel highs and broke an ascending triangle. The +DMI is above the -DMI. The KST is about to give a bullish signal. The TSI has given a fresh buy signal. In short, the stock is about to register a bullish breakout. A move above Rs.289 is positive, and it can test Rs 296. Maintain a stop loss at Rs 282. Above Rs 296, it can test Rs 307.
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