Best intraday stocks to watch out for on August 01
The Nifty registered a monthly gain of 1378 points or 8.74%. It closed at three months high.
The index closed above the key moving average 200 DMA and 40-weekly average. As the market negated these levels, the upside potential is the current probability. With the fresh breakouts, the market is in a confirmed uptrend. The level of 16979 is likely to act as support for now. Only below this level market may enter a counter-trend to form a higher low.
As the Nifty formed two consecutive strong weekly bullish bars and moved above the key resistances, the downtrend has ended. Now is the time to get more confirmations for an uptrend. Nifty registered a strong monthly closing and above the 200DMA. There are no bearish signs for now. Hence, buy on dips would be appropriate strategy.
The stock has broken out of 46 days ascending triangle with higher volume. It is also trading above the key moving averages. It is 9.07% above the 20DMA and 13.29% above the 50DMA. The stock is trading above the moving average ribbon along with the MACD line above the zero line. The RSI is in the strong bullish zone, and above the prior high. The Elder impulse system has formed strong bullish bars. The KST and the TSI indicators also gave bullish signals. Its relative strength and momentum are also great. In short, the stock has registered a bullish breakout. A move above Rs 4334 is positive, and it can test Rs 4665. Maintain a stop loss at Rs 4220.
The stock also broke out of an ascending triangle with higher volume. It is trading above all key moving averages. It is 10.27% above the 50DMA and 8.94% above the 20DMA. The stock is also trading above the moving average ribbon. The MACD line is above the zero line, and the histogram shows an increased bullish momentum. The RSI is in a strong bullish zone. The Elder impulse system has formed a strong bullish bar. KST is about to give the bullish signal, and the TSI indicator already has a bullish signal. In short, the stock has registered a bullish pattern breakout. A move above Rs 2300 is positive, and it can test Rs 2444. Maintain a stop loss at Rs 2250.
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DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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