Best intraday stocks to watch out for on August 03
Benchmark index Nifty has formed a hanging man candle at a swing high. This shows clear exhaustion of the trend.
Most indicators are in an extreme overbought condition and almost lost momentum. Interestingly the Nifty and Bank Nifty futures closed in the negative zone but the spot prices closed higher. The last fifteen minutes' sharp decline in Nifty was a surprise. The PSU Banks were led the Bank Nifty. After four most bullish days, the Nifty closed flat on the fifth day is an indication of the momentum loss and exhaustion. But still, no bearish or weaker signals are available as of now. The market may be waiting for a trigger to continue the trend or reverse. The monetary policy will give clues for the future direction.
Generally, any vertical rally must enter the consolidation. On the downside, it may test the 200 DMA of 17017. For the rally to continue, it has to close above the prior day's high of 17390.
The stock has broken out of the 56-day cup and handle pattern with higher volume. It is decisively trading above the key moving averages. The 20 DMA and the Moving average ribbon are entered into an uptrend. The MACD has given a fresh buy signal. The RSI has also entered the strong bullish zone. Importantly it retraced 34% of the prior downtrend. The Elder impulse system has formed strong bullish candles. The stock is trading 7.28% above the 50DMA too. The TSI and KST indicators have given bullish signals. In short, the stock has broken out of a solid base formation. A move above Rs 580 is positive, and it can test Rs 615. Maintain a stop loss at Rs 564.
The stock has ended its counter-trend rally and broken the rising channel support. It took support at the moving average ribbon. It closed below the 20DMA and just closed on the 50DMA. The MACD is about to give the bearish signals. The Elder impulse system has formed a strong bearish bar. The TSI indicator is about to give the sell signal. It also closed below the Anchored VWAP support. The higher volume indicates the selling and distribution pressure. The RSI declined below the 50 zone. In short, the stock has ended its counter trend and resumed the previous downtrend. A move below Rs 105 is negative, and it can test Rs 96. Maintain a stop loss at Rs 109.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7683.00 | -7.7 (-0.1%) |
| CAC 40 | 7998.99 | -92.87 (-1.15%) |
| DAX | 17876.12 | -212.58 (-1.18%) |
| Dow Jones | 37769.01 | -691.91 (-1.8%) |
| FTSE 100 | 8053.34 | 12.96 (0.16%) |
| Hang Seng | 17284.55 | 83.27 (0.48%) |
| US Tech Composite | 15432.17 | -285.58 (-1.82%) |
| Nikkei 225 | 37628.41 | -831.6 (-2.16%) |
| S&P 500 | 4999.65 | -71.98 (-1.42%) |
| Gift Nifty | 22541.00 | 171 (0.76%) |
| Shanghai Composite | 3052.90 | 8.08 (0.27%) |
| Taiwan Weighted | 19857.42 | -274.32 (-1.36%) |
| US 30 | 37772.10 | -609.7 (-1.59%) |
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