Best intraday stocks to watch out for on August 23
Nifty continued its violent fall for the second day in a row. It declined 465 points or 2.6% in just two days. It closed below 13EMA and confirmed Friday's engulfing candle's bearish implications.
After two days of sharp decline, the RSI has closed at the prior low and it is placed around the 60 zone. The MACD has given a fresh sell signal. All the intraday recovery efforts were sold into. Importantly, as the Nifty opened and closed below the prior week's low, it has also confirmed the last week's shooting star candle's bearish implications too. The breadth is extremely negative, and it added another distribution day. The index filled the August 10 gap on Monday. For the first time after the July 14, the Elder impulse system has formed a bearish bar. The TSI has also given the first bearish signal. On expected lines, the Nifty has almost confirmed that the 17992 is an intermediate top. The 23.6% retracement support is at 17329, which is just at arm's length.
The stock has closed below the prior low, and the 20DMA decisively. The massive volumes indicate the profit booking and distribution. The MACD has given a fresh sell signal, and the histogram clearly shows an increased in the bearish momentum. The RSI has declined below the prior low and sharply lower at the 55 zone. It also confirmed the bearish implications of the negative divergence. The Elder impulse system has formed a strong bearish bar. The KST and TSI have also given bearish signals while the RS Momentum declined below the zero line. In short, the stock is showing reversal signs. A move below Rs 3345 is negative, and it can test Rs 3269. Maintain a stop loss at Rs 3385.
The stock closed below the 20DMA and it broke the double top pattern. After opening below 20 DMA, it also declined below the 34 EMA. The RSI is below the prior swings and below the 50 zone. The MACD histogram shows a strong bearish momentum. The Elder impulse system has formed a strong bearish bar. The KST and TSI indicators have given fresh sell signals. In short, the stock has given fresh bearish signals. A move below 1858 is negative, and it can test Rs 1826. Maintain a stop loss at Rs 1878. Below Rs 1826, continue with a trailing stop loss.
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