Best intraday stocks to watch out for on August 04
After a volatile trading session, the Nifty advanced 0.25% on Wednesday.
It has formed a candlestick which contains long lower shadow and a small bullish body as the closing was greater than opening. The long lower shadows indicates that the dips are being bought. But, at the same time, the hanging man candle also shows the exhaustion of the trend. It is required to get confirmation of hanging man pattern by closing below the previous day's low. The Nifty closing at the day's high is a strong sign. The volume jump in the last 30 minutes came as a surprise, as the open interest declined. With a lower volume, flat breadth, and lowered momentum indicate that the market is waiting for a trigger. The positive thing is that the weekly RSI closed above the prior swing high. Going forward, a move above prior day high would open gates for 17500 levels. Only in case the Nifty closes below the previous bar low or forms a decisive lower high lower low candle can it give us the signal that the trend is entering into the consolidation.
After two days of consolidation, the stock has closed above the prior swing high. The higher volume indicates the fresh buying interest in the stock. Currently, the stock is trading above all key moving averages. It is 6.16% above the 50DMA and 5% above the 20DMA. It is also trading above the moving average ribbon. And the MACD line is above the zero line, and the signal line is a bullish set-up. The RSI has formed a higher high and near 60 zone. The Elder impulse system has formed strong bullish bars. The KST and the TSI indicators are in bullish set ups. It is also above the Anchored VWAP resistance. In short, the stock is out of the base and strongly bullish. A move above Rs 1566 is positive, and it can test Rs 1643. Maintain a stop loss at Rs 1540.
After a series of bearish candles, the stock has decisively broken down the key trendline support. It declined below the 13EMA and 8EMA, which acted as the support. The 20DMA support is very near at Rs 2541. The MACD has already given the sell signals. The RSI broke the squeeze supports and declined below the 60 zone. The Elder impulse system has formed a strong bearish bar. The TSI indicator has already given a bearish signal. The RS momentum also declines below the 100 zone. In short, the stock has given weaker signals. A move below Rs 2666 is negative, and it can test Rs 2561. Maintain a stop loss at Rs 2705.
Share Market Today
|Indices Name||Price||Price Change (% change)|
|S&P ASX 200||7069.90||-82.5 (-1.15%)|
|CAC 40||7240.62||-90.17 (-1.23%)|
|Dow Jones||34440.88||-76.85 (-0.22%)|
|FTSE 100||7683.46||-48.19 (-0.62%)|
|Hang Seng||17645.78||-256.48 (-1.43%)|
|US Tech 100||13509.13||-209.06 (-1.52%)|
|Nikkei 225||32571.03||-452.75 (-1.37%)|
|S&P 500||4402.20||-41.75 (-0.94%)|
|Gift Nifty||19778.00||-127.5 (-0.64%)|
|Shanghai Composite||3084.70||-23.87 (-0.77%)|
|Taiwan Weighted||16316.67||-218.08 (-1.32%)|
|US 30||34347.70||-73.5 (-0.21%)|
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