Best intraday stocks to watch out for on August 30
On Monday, Nifty opened with over 2% gap down amid the Jackson Hole effect.
Taking the support of FMCG stock's the Nifty traded above the opening lows and it trimmed nearly 150 points off the day's low. The index finally closed below the previous week's low and the 23.6% retracement level (17329) of the prior uptrend. It closed 1.35% below the 20DMA and took support at 34EMA. In fact, the Nifty outperformed compared to Global indices. Only the IT index declined sharply by 3.53%. The total distribution day count now is at 3. Any further increase in count towards 5 will change the market status to a confirmed downtrend.
The leading indicators declined to a neutral zone from a strong bullish zone. The RSI is at 51.17 and back into the rising channel. The MACD histogram shows a sharp increase in the bearish momentum. The Elder impulse system again formed a bearish bar. The TSI and indicators have been in the bearish setup. The 200 DMA (16975) support is just 1.99% away. Hence, watch out for this level in the near term as a support. On the upside, 17550 will act as a crucial resistance.
The stock closed below the prior lows (support). it closed very near to the rising trendline. The Elder impulse system has formed a strong bearish bar. It is below the key moving averages. It has managed to close below the moving average ribbon in shorter time frame. The MACD histogram shows an increased bearish momentum. The RSI closed below the prior low, and the negative divergence confirms to bearish implications. The KST and TSI indicators are in a bearish setup. It has also closed below the Anchored VWAP support. In short, the stock is in a crucial zone. A move below Rs 4155 is negative, and it can test Rs 4060. Maintain a stop loss at Rs 4220
After registering a failed breakout of an ascending triangle, the stock has closed at crucial support, and it broke the support on an intraday basis. Generally, this kind failure will have implications for a descending triangle. The stock opened and decisively closed below the 20DMA and formed a bearish belt hold candle. It is below the 50DMA and Moving average ribbon. The RSI also broke the key trendline support. The MACD is about to give a sell signal on the zero line. The elder impulse system has formed a strong bearish bar. It declined below the Anchored VWAP support. In short, the stock is at crucial support. A move below Rs 273 is negative and it can test the prior low of Rs 259. Maintain a stop loss at Rs 279.
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