Best intraday stocks to watch out for on July 06

intraday stocks to watch for

by 5paisa Research Team Last Updated: 2022-07-06T10:10:24+05:30

The benchmark index reacted from a 50% retracement level. It sharply declined over 240 points from the day's high and formed a strong bearish candle. It broke the sloping trendline of the flag pattern on the hourly chart with an opening gap. But it registered a failed breakout at the end of the day. The Nifty was almost on the support of 20 DMA again, which placed at 15760. The nature of the decline is sharp and sudden. As stated earlier, these bear market counter-trend surprise everyone with sharp moves. Now, the Nifty must decisively close above the 15988, which is a 50% retracement level. In any case, a close below 20DMA, currently at 15760, will resume the downside move. On an hourly chart, The RSI has formed a hidden divergence. The index closed within the moving average ribbon, and the MACD is about to give a sell signal. 

SRF 

The stock closed below the multiple parallel supports. It has broken the descending triangle on a massive volume and is trading below the key moving averages. The MACD has given a fresh sell signal, and the RSI is below the prior low. The Elder impulse system has formed strong bearish bars for the last four days. The KST and TSI also gave a solid bearish signal. It is also below the Anchored VWAP support. In short, the stock has broken the bearish pattern. A move below Rs 2045 is negative, and it can test Rs 1940. Maintain a stop loss Rs 2100. 

M&M 

The stock has been forming a lower-high candle for the last six days. It declined from the over-bought condition. The RSI has formed a negative divergence and declining from the overbought zone. The MACD is about to give a sell signal. The higher volume shows a strong distribution. It declined below the 8EMA. The Elder impulse system has formed a neutral bar. The TSI has given a fresh sell signal. And it is trading below the TEMA. In short, the stock is declining from the overbought zone. A move below Rs 1080 is negative, and it can test Rs 1020. Maintain a stop loss at Rs 1100. 


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