Best intraday stocks to watch out for on August 24

Best intraday stocks to watch out for on August 24

Indian Market
by 5paisa Research Team Last Updated: 2022-08-24T09:36:43+05:30

Most of the stocks registered open low candles on Tuesday and it sustained above the initial lows.

Nifty opened below the 20DMA and recovered the initial losses. It also closed above the 13EMA. It formed a lower low and lower high candle but closed with decent gains. The recovery is due to short-covering and rollovers. Two days before the expiry, data shows, that the rollovers are less than last month, indicating the trend reversal. Traders are closing positions and not carrying their positions forward. In the next two days, the Nifty may experience volatile moves. The previous day's high 17690-710 zone may act as a resistance. Though the Nifty closed positively, the MACD histogram shows an increased bearish momentum. The RSI took support at the prior resistance and support. Any decline below 60, the Nifty will resume the down move.

HINDUNILVR

The stock closed at crucial parallel support. It decisively closed 1.17% below the 20DMA and formed a shooting star candle. Narrowed Bollinger bands indicated an impulsive on the cards. The MACD and the RSI got the confirmation for the bearish divergence. MACD line is below the signal line. The RSI closed below the prior low and broke the descending triangle. The Elder impulse system has formed two consecutive bearish bars. The KST and TSI indicators have been in bearish mode. The RRG RS and momentum are below 100. In short, the stock closed at a crucial level. A move below Rs 2585 is negative, and it can test Rs 2480. Maintain a stop loss at Rs 2625.

LT

The stock has got the confirmation for the previous day's bearish engulfing implications. It formed a bearish candle, a shooting star today. The stock closed below the 8EMA, and the MACD has given a fresh sell signal. The RSI is also broke the squeeze in an overbought condition. The Elder impulse system has formed two successive neutral bars. The KST and TSI have given a fresh bearish signal. It is below the TEMA. In short, the stock has given an early weakness signal. A move below Rs 1865 is negative, and it can test Rs.1827. Maintain a stoploss at Rs 1880.

 


Start Investing in 5 mins*

Get Benefits worth 2100* | Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

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.

Open Free Demat Account

& get benefits worth 2100*

Resend OTP
Please Enter OTP
  • Have Promo code?
  • Use code ACT2100
Enter Promo code
Account belongs to

By proceeding, you agree to the T&C.

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number