Best intraday stocks to watch out for on January 30
Domestic equity benchmarks nosedived and broke the 17760 support decisively, with Nifty registering the sharpest fall after December third week.
During the last week, it oscillated 707.7 points range and finally settled with 428.80 points loss. As we suspected earlier, the decline is sharper as the four-week range was broken. After September lows, it again tested the 150 DMA, which acted as a support for the day. The RSI closed below the prior low and confirmed the downside breakout. The MACD has given a fresh bearish signal. The momentum has picked up on the downside. The -DMI moved to the top, showing the bears' domination. The last two days of the fall also tested the 38.2% retracement level of the prior uptrend. For next week, the 17567-472 zone will act as crucial support. Any kind of recovery towards 17774 may give fresh selling opportunities. As the Budget is nearing, the event risk is very high. Any disappointment will result in fresh selling pressure. Before the event, better avoid the leveraged positions.
The stock tested the prior swing high and closed strongly in weak market conditions. The highest volume in the last two months shows buying interest. Trading just 4% below the prior pivot, it is trading above all key moving averages. It is currently 3.42% above the 20DMA and 2.61% above the 50DMA. The MACD line is above the zero line, and the signal line shows bullish momentum. The RSI (64.36) is in a strong bullish zone. The Elder impulse system has formed strong bullish bars and closed above the Anchored VWAP resistance. The KST and the TSI have given bullish signals. A move above Rs 347 is positive, and it can test Rs 362. Maintain a stop loss at Rs 340.
The stock has formed a rectangular top and closed at the crucial support. It closed below the prior minor low and key moving averages. The moving average ribbon entered the downtrend. The MACD and the KST have given fresh bearish signals, while the RRG charts show that the stock entered a lagging quadrant. The Elder impulse system has formed two strong bearish bars closing on the Anchored VWAP support. RRG chart shows that the stock entered a weakening quadrant. The increased volume shows the distribution. In short, the stock is at crucial support. A move below Rs 1108 is negative, and it can test Rs 1079 in the short term. Maintain a stop loss at Rs 1125. Below Rs 1079, it can test Rs 1020.
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