Best intraday stocks to watch out for on August 11
Nifty has formed an open=high candle, and the candle structure resembles to a hanging man.
The benchmark index traded mostly in the first hour's range. It formed a higher high, higher low candle but was not given any clues of a reversal. There is no change in the trend. The exhaustion persisted as the momentum declined. The negative divergence on 75 minutes chart still exists. The negative broader market breadth is a fresh worry. At the same, the volume was recorded lowest in the last eight months. The RSI has reached above 78 zone and is very near to an extreme possible overbought condition. The metal stocks protected the index from a big fall. There is a serious negative divergence in the MACD histogram, which is a very valid one. If the histogram declines below the zero line, we will get a clear directional clue on the downside. As it traded within the first hour's range, it has not given good trading opportunities too. For now, 17566 is the crucial level for an uptrend to continue. Sustaining above 17566, would open gates towards 17750-17800 levels.
The stock has broken out of a 5-month-long symmetrical triangle with a massive volume. It decisively closed above the moving average ribbon along with the MACD line above the signal line. It is also above the 20 and 50DMAs. The RSI is above the prior swing high and entered a strong bullish zone. The Elder impulse system has formed a strong bullish bar. and the KST and TSI indicators also given bullish signals. It is also above the Anchored VWAP. In short, the stock has broken out of long consolidation. A move above Rs 380 is positive, and it can test Rs 402. Maintain a stop loss at Rs 368.
The stock has consolidated for the last six days in a tight range after a sharp up move. It closed at the prior pivot level. It registered a new high close. It is trading above all key moving averages. The RSI is in a strong bullish zone, and the MACD is much above the zero line. The Elder impulse system has formed a strong bullish bar. It closed above the TEMA, and the RRG Relative Strength is above 14.6. Because of consolidation, the momentum is low. The KST and TSI indicators are in a bullish structure. It is trading above the Anchored VWAP resistance. In short, the stock is at a new pivot. A move above Rs 288 is positive, and it can test Rs 421. Maintain a stop loss at Rs 277.
Share Market Today
|Indices Name||Price||Price Change (% change)|
|S&P ASX 200||7178.40||116.8 (1.65%)|
|CAC 40||7440.64||58.82 (0.8%)|
|Dow Jones||36115.42||-8.79 (-0.02%)|
|FTSE 100||7531.08||51.5 (0.69%)|
|Hang Seng||16474.29||172.06 (1.06%)|
|US Tech 100||14207.94||1.75 (0.01%)|
|Nikkei 225||33445.90||670.08 (2.04%)|
|S&P 500||4557.89||-1.73 (-0.04%)|
|Gift Nifty||21066.50||-7 (-0.03%)|
|Shanghai Composite||2968.93||-3.37 (-0.11%)|
|Taiwan Weighted||17360.72||32.71 (0.19%)|
|US 30||36126.20||2.8 (0.01%)|
About the Author
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. Also, The
About the Sheetal Universal IPO She
- Dec 06, 2023Read More