Best intraday stocks to watch out for on August 25
Nifty once again opened with a gap down and recovered for the second successive day from the day's low on Wednesday.
It tested the previous day's high and decisively closed above the 13EMA. A day before, the rollovers improved to 56.45%. Like the prior trading session, the volume jump indicates the short covering as expiry is just a day away. The Nifty traded in the 17520-627 zone during the day. On the hourly chart, the index attempted to cross the moving average ribbon but failed close above it. The MACD line is also still below the zero line. The 17625-17710 may act as a strong resistance zone for now. The daily MACD histogram shows a further increase in the bearish momentum. A close below 17432 (20DMA) and the RSI decline below the 60-zone led to a continuation of the down move.
The stock has broken out of a 40-day consolidation and an ascending triangle. The higher volume validates the breakout. It decisively closed above the 50DMA and moving average ribbon. The MACD also closed above the zero line, which is a bullish signal. The RSI closed above the prior swing highs and entered the bullish zone. It closed above the Anchored VWAP resistance. The Elder impulse system has formed a strong bullish bar. The KST and TSI have been in a bullish setup. The RRG RS moved above the 100 and showed outperformance. In short, the stock registered a bullish breakout with a strong volume. A move above Rs 296 is positive, and it can test Rs 305. Maintain a stop loss at Rs 287.
The stock has broken down the rising channel with a higher volume than the previous day. Is has also closed below the moving average ribbon and the 20DMA. The MACD has given a fresh sell signal. The RSI declined below the prior swing highs. The -DMI closed above the +DMI is negative. The elder impulse system has formed a bearish bar. TSI has given a fresh bearish signal. It took support on Anchored VWAP. The current decline is exactly from the sloping trendline resistance. In short, the stock broke the channel. A move below Rs 235 is negative, and it can test the prior low of Rs 216. maintain a stop loss at Rs 243.
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