Best intraday stocks to watch out for on August 18

Best intraday stocks to watch out for on August 18

Indian Market
by 5paisa Research Team Last Updated: 2022-08-18T10:22:56+05:30

Nifty rallied for the sixth successive day and closed above 17900. It opened with a positive gap again and ended at almost at the day high.

There have been four positive gaps in the last five days. The supports are further inched up to 17634. The prior swing high is at arm's length at 18115. The RSI has reached 83.69, but the momentum is still lagging. There are no other signs of weakness currently available. The negative divergence on a 75-minute chart also failed to get confirmation as of Wednesday. The MACD histogram is flat. The relative strength line is also flat. The RRG RS line is on the 100 zone and declining. The RS line is not making any new high when the price is almost at the new high. The futures volume declined further, recorded the lowest this year. On a 75-minute chart, the Nifty has formed a series of hanging man candles on Wednesday. As the daily candle is very strong, we cannot assume that the market may retrace. If the prior day's low is protected, the rally will continue to 18115. Let us wait for the index behaviour at this level.

HCL TECH

The stock has broken out of the 10-days tight range with higher volume. The stock closed near the 23.6% retracement level. It closed above the moving average ribbon, along with the MACD line above zero line and the signal line. The price is 3.42% above the 20DMA and 2.19% above the 50DMA. The KST and TSI indicators has given the buy signal. The RSI has just entered the strong bullish zone. The Elder impulse system has formed a bullish bar. The Relative Momentum is also above the 100 zone. It is also above the Anchored VWAP. In short, the stock has broken out of tight range. A move above Rs 985 is positive, and it can test Rs 1056. Maintain a stop loss at Rs 958.

JUBLFOOD

That stock has broken out of a 106-day base formation and an inverted head and shoulders pattern. It registered a higher volume and validated the breakout. It is trading above the moving average ribbon, and it acts as a support. The MACD has given a fresh buy signal. The stock tested the 200DMA. It is trading 10.43% above the 50DMA and 6.4% above the 20DMA. The RSI is in a strong bullish zone. The RS momentum has reached above the 100. The Mansfield Relative Strength line reached above the zero line. The KST and TSI indicators have given fresh buy signals. In short, the stock broke the bullish pattern. A move above Rs 608 is positive, and it can test Rs 631. maintain a stop loss at Rs 590. Above Rs.631, it can test Rs 672.


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