Best intraday stocks to watch out for on August 02
The benchmark index Nifty gained 917 points of 5.5% in just four days, with three huge gaps.
Post Federal Reserve's commentary on the economy, the global markets are also trading positively. The RBI's monetary policy is scheduled this week. It may be a trigger point in the near term. Most of the indicators have reached the extremely overbought zone. From here, the market may be positive, but the upside is limited. It may witness the profit booking at some point in time. That said, the targets are open to 17700-900 zone of resistance. At the same time, we need to watch the index behaviour around the 17450-650 level, which is gap area resistance. A move above 17350 is positive, and it can test 17425. Maintain a stop loss at 17300. But a move below 17285 is negative, and it can test 17180. Maintain a stop loss at 17331.
The stock has broken out of an inverted head and shoulders pattern. It has also broken the sloping trend line resistance. For the last two days, it has been recording above-average volumes. The 34 EMA acted as a support. The stock also closed above the 20DMA and the contracted Bollinger bands suggesting an impulsive move on the cards. The MACD has given a fresh buy signal. The RSI is in a strong bullish zone. The Elder impulse system has formed strong bullish bars. It is also above the Anchored VWAP resistance. The KST has given a fresh buy signal. In short, the stock has registered a bullish breakout. A move above Rs 1289 is positive, and it can test Rs 1330. Maintain a stop loss at Rs 1255.
The stock has broken out of an ascending triangle with higher volume. It took strong support at 50DMA. Now, it is trading above all key moving averages. It is above the moving average ribbon, and the MACD has given a fresh bullish signal above the zero line. The RSI is in a strong bullish zone. The +DMI moved above the prior highs, and the ADX is rising, showing the bullish strength in the trend. The Elder impulse system has formed strong bullish bars. The KST and the TSI indicators are also given a fresh bullish signal. The stock is trading above the Anchored VWAP resistance. In short, the stock registered a bullish breakout with a higher volume. A move above Rs.2380 is positive, and it can test Rs 2426 and Rs 2537. Maintain a stop loss at Rs 2310.
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