Best intraday stocks to watch out for on August 29
The Nifty opened with a big negative day last week and ended with an inside bar. Between these two candles, the index has consolidated in a range. Previous week's shooting star candle gets confirmation for its bearish implications by closing below the last week's low. With this low close, with all probabilities, 17992 is the intermediate top. The mid-week recovery was not sustained till the weekend. It almost tested the 23.6 per cent retracement level of the prior trend. Now, this 17329 level is a target for the bearish flag on an hourly time frame.
The sudden 1000-point fall in Dow has rattled all. As Nifty got the confirmations for the all bearish pattern implications, now we need to concentrate on the downside strategies. On Monday, it may open near to level of 17329. There may be some intraday pullbacks. But, these pullbacks will be used to lighte positions or create short.
In any case, if the Nifty closes below 17329 in the next two days, the fall will be sharper towards 16919 within no time.
The stock closed at crucial support of multiple parallel lows. Price has moved below 20DMA and this moving average has turned down. It has closed on the 34EMA support. The RSI declined below the 50 zone. It also got bearish confirmation for its negative divergence. MACD histogram shows an increased bearish momentum. The Elder impulse system has formed five consecutive bearish bars. The KST and TSI indicators are in bearish mode. The Directional momentum indicators are almost at the confluence point. In case the --DMI moves above the +DMI is negative for the stock, it will be negative. In short, the stock closed at crucial support. A move below Rs.1530 is negative, and it can test Rs.1460. Maintain a stop loss at Rs.1558.
The stock closed below the key support with a higher volume. The stock is trading below the key moving averages. It is below the moving average ribbon and 20DMA. The stock is below the 200 DMA, and it is also in a downtrend. The RSI is in a strong bearish zone. MACD is also in a strong bearish zone. The elder impulse system has formed strong bearish bars. The KST and TSI indicators are in the bearish set-up. It is also below the Anchored VWAP support. Trading below the TEMA. In short, the stock broke the crucial support. A move below Rs.2045 is negative, and it can test Rs.1980. Maintain a stop loss at Rs.2070.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7194.90 | 21.6 (0.3%) |
| CAC 40 | 7505.08 | 80.46 (1.08%) |
| DAX | 16714.30 | 85.6 (0.51%) |
| Dow Jones | 36136.79 | 19.41 (0.05%) |
| FTSE 100 | 7554.96 | 49.78 (0.66%) |
| Hang Seng | 16321.03 | -21.95 (-0.13%) |
| US Tech 100 | 14328.78 | -0.4 (0%) |
| Nikkei 225 | 32307.86 | -550.45 (-1.68%) |
| S&P 500 | 4586.18 | 0.59 (0.01%) |
| Gift Nifty | 21063.00 | -18.5 (-0.09%) |
| Shanghai Composite | 2969.56 | 3.35 (0.11%) |
| Taiwan Weighted | 17383.99 | 105.25 (0.61%) |
| US 30 | 36184.90 | 92.7 (0.26%) |
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