Best intraday stocks to watch out for on August 08

resr 5paisa Research Team

Last Updated: 10th December 2022 - 05:15 am

Listen icon

The benchmark index, Nifty, has consolidated mostly during the last week on expected lines. It oscillated in just 336 points range after a 670 points range in the prior week. Last week's price range was smaller compared to the previous eight weeks. All five days of trading with higher volatility indicate that the 2307 points rally from the June 17 low has come to an exhaustion. The last two days of price action indicate the same. The long lower shadows, signifies the buy-on-dip situation. While on Friday, the Nifty has formed a lower high candle and an inside bar. As a rule, the 17491-17161 will be key resistance and support. Either side breakout will lead to a decisive trending move. A move above 17491 will test the 17700-800 zone of sloping trend line resistance.


The stock has broken out of a 70-day cup and handles pattern with above-average volume. It is trading above the key moving averages, and the moving average ribbon is in an uptrend. The MACD line is above the zero line and above the signal line. The RSI is in a strong bullish zone. The ADX (29.91) shows a strong trend strength. Anchored VWAP acted as a support in the recent consolidations. The Elder impulse system has formed a strong bullish bar. The RS-Ratio and momentum are above 100, which indicates stronger relative strength. The KST and TSI indicators are also in the bullish setup. In short, the stock registered a bullish breakout. A move above Rs.1100 is positive, and it can test Rs.1192. Maintain a stop loss at Rs.1064.


The stock is nearing historical support. It declined sharply post earnings and closed below the key moving averages. The stock is below the 20DMA and moving average ribbon. It is 1.76% below the 50DMA. It is 15.23% the 200DMA. After oscillating around zero like for more than a week, it has finally given a sell signal as it declined below the zero line. The RSI is also declining and near the bear zone. The Elder impulse system has formed a strong bearish bar. The stock is lagging the Relative Strength and momentum. The KST and TSI indicators also gave bearish signals. In short, the stock is technically weak. A move below Rs.972 is negative, and it can test Rs.934. Maintain a stop loss at Rs.992. 

How do you rate this article?

Characters remaining (1500)

Disclaimer: Investment/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.

Get 100 trades FREE* with the code "FREEPACK"
Resend OTP
Please Enter OTP
By proceeding, you agree T&C*
Mobile No. belongs to

Indian Market Related Articles

Piramal Enterprises' Retail Lo...

by Tanushree Jaiswal 18th Jun 2024

Govt Eyes ₹5 Lakh Exemption Un...

by Tanushree Jaiswal 18th Jun 2024

Vodafone Idea Eyes Rural 4G Ex...

by Tanushree Jaiswal 18th Jun 2024

IIFL Finance Addresses RBI Con...

by Tanushree Jaiswal 18th Jun 2024

Som Distilleries Share Price D...

by Tanushree Jaiswal 18th Jun 2024

Want to Use 5paisa
Trading App?