Best intraday stocks to watch out for on July 05
The Nifty closed above the 20DMA and prior day high and finally the RSI broke the 47 zone and decisively closed above the sloping trendline.
Friday's recovery from the lower level gave an early signal. However, during the first hour and the last hour of Monday, the Nifty has formed the bearish candles, shooting stars. The index faced resistance at the sloping trendline and the price pattern on a lower timeframe looks like a bullish flag. For breakout, the index must close above today's high of 15852. As mentioned earlier, the resistances are placed at 15987 and 16178. At the same time, the index has to sustain above the gap area for a bullish reversal. A close below 15660 is negative for the index and will resume the downtrend. The market is in a countertrend and will continue for another 2-3 days. The prior consolidation was three weeks old. The current consolidation entered the third week. The RSI may test 55 zone in this countertrend. As the day began with a shooting star and ended with a shooting star on hourly chart. This gives no clarity on the trend. Select stock-specific activity and sector rotations will happen in this countertrend. Be cautiously optimistic for now.
The stock has formed an ascending base formation and closed at the resistance. It has formed several parallel highs at Rs 1692. The stock closed above the 20DMA, and the Bollinger bands are contracting. The MACD line is above the signal line. The descending volume is a character of consolidation. The RSI has formed higher highs during the consolidation. The Elder impulse system has formed the bullish bar. The KST and TSI indicators have given a bullish signal. The stock is also trading above the TEMA. In short, the stock is at a parallel resistance, and a breakout will give a sharp move. A move above Rs1692 is positive, and it can test Rs1762. Maintain a stop loss at Rs1650.
The stock has taken support at Rs 781-92 zone several times. It also formed two consecutive hammer candles at the bottom. Currently, the 8EMA is acting as short-term resistance. The RSI shows positive divergence and the MACD is about to give a bullish signal. The KST and TSI indicators are already given bullish signals. The stock is trading above the TEMA. In short, the stock gives a contra trade opportunity. A move above Rs 808 is positive, and it can test Rs 835. Maintain a stop loss at Rs 792.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 6901.70 | 2.7 (0.04%) |
| CAC 40 | 6997.05 | -71.11 (-1.01%) |
| DAX | 15085.21 | -162 (-1.06%) |
| Dow Jones | 33002.38 | -430.97 (-1.29%) |
| FTSE 100 | 7470.16 | -40.56 (-0.54%) |
| Hang Seng | 17298.46 | -524.12 (-2.94%) |
| US Tech 100 | 13064.47 | -248.3 (-1.87%) |
| Nikkei 225 | 31237.94 | -521.94 (-1.64%) |
| S&P 500 | 4229.45 | -58.94 (-1.37%) |
| Gift Nifty | 19450.50 | -163 (-0.83%) |
| Shanghai Composite | 3110.48 | 0 (0%) |
| Taiwan Weighted | 16454.34 | -102.97 (-0.62%) |
| US 30 | 33006.20 | 3 (0.01%) |
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