Best intraday stocks to watch out for on August 17
Nifty opened with 99 points positive and sustained above the gap. It traded in a narrow range of just 75 points and closed above the sloping trend line resistance.
As we forecasted, the Nifty reached 17800, and now 18000-18115 is a crucial level to cross. The RSI is at an extreme band at 82.22. Though the index closed at the near swing high, the RRG relative strength and momentum have declined on Tuesday. Even the Mansfield Relative Strength indicator is below the zero line. The daily MACD histogram also shows a decline in momentum. On Tuesday, the lowest volume was recorded after January 17. Currently, the Nifty closed just below the 78.6% retracement level (17872) of the whole downtrend. Hence, this may act as an immediate resistance. On a lower timeframe, the negative divergences are still present. On a 75-minute chart, the histogram is just on the zero line, showing a lack of momentum. The daily range also shrank to just 75 points, which indicates tiredness. But, still, there are no signs of weakness in any time frame. Only a close below the prior bar low will give us an initial weakness signal.
The stock closed above the prior swing high with higher volume. It also registered a Golden Crossover, and the 50DMA crossed the 200DMA, which is a long-term bullish sign. It is trading above the short-term moving averages. The MACD line is about to cross the signal line. The RSI is in a strong bullish zone. The Elder impulse system has formed a strong bullish bar. The TSI and KST indicators are in the neutral zone and may give a bullish signal. It is trading above the Anchored VWAP. The RRG RS is above 100 and indicates stronger performance. The Mansfield Relative strength is above the zero line and indicates the outperformance compared to the broader market. In short, the stock closed above the prior high and technically bullish. A move above Rs18090 is positive, and it can test the prior high of Rs 19250. Maintain a stop loss at Rs 17650.
The stock has ended its counter-trend consolidation, and it closed at crucial support. It closed below the moving average ribbon along with the MACD line and declined below the signal on the zero line. It is 5% below the 20 DMA and 2.48% below the 50DMA. The Elder impulse system has formed strong bearish bars. The KST and TSI have given a fresh sell signal. It is below the Anchored VWAP. Its Relative strength and momentum are poor. The RS line has made a new low, indicates, the underperformance. In short, the stock is at a crucial level. A move below Rs 1445 is negative, and it can test Rs1380. Maintain a stop loss at Rs 1470.
Share Market Today
|Indices Name||Price||Price Change (% change)|
|S&P ASX 200||7042.40||-21.9 (-0.31%)|
|CAC 40||7071.74||-52.14 (-0.73%)|
|Dow Jones||34006.88||43.04 (0.13%)|
|FTSE 100||7639.04||15.05 (0.2%)|
|Hang Seng||17477.00||-257.04 (-1.45%)|
|US Tech 100||13276.32||59.51 (0.45%)|
|Nikkei 225||32315.05||-363.57 (-1.11%)|
|S&P 500||4337.44||17.38 (0.4%)|
|Gift Nifty||19670.00||-58.5 (-0.3%)|
|Shanghai Composite||3102.27||-13.34 (-0.43%)|
|Taiwan Weighted||16276.07||-176.16 (-1.07%)|
|US 30||33836.60||-160 (-0.47%)|
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