Best intraday stocks to watch out for on July 07
The Nifty closed at exactly the 50% retracement level of the prior swing.
It has formed a decisive bullish candle and erased the previous day's decline. The RSI has moved above the 50 zone. Now, it must clear the 55 zone for a bullish reversal confirmation. The MACD is inching towards the zero line. The histogram also shows increased momentum. The Nifty futures recorded a massive volume yesterday. But the open interest is not so impressive as it just higher by just 1.7%. The PCR is at 1.29, indicating moving towards the swing high. On an expiry day, it is better to play safe.
A move above 16021 is positive, and it can test 16110. But a move below 15950 is negative, and it probably test level of 15890.
The stock has broken the falling wedge pattern with a higher volume. It has also closed above the moving average ribbon. The stock is above the 20DMA, and it is turning up. The Contracted Bollinger bands show a possibility of an impulsive move. The MACD is near the zero line. The RSI is just on the 60 zone. The KST and TSI indicators have given fresh bullish signals. The Elder impulse system has also formed a strong bullish bar. In short, the stock has broken out of the bullish pattern. A move above Rs 676 is positive, and it can test Rs 700. Maintain a stop loss at Rs 650.
The stock closed above the prior swing high and broke the base formation. It closed near the 50DMA. For the last four days, the stock is trading above the 20DMA. The RSI has formed higher lows and near the bullish zone. The MACD line is near the zero line. It is trading above the zero line on the hourly chart along with the price above the moving average ribbon. It has formed consecutive bullish bars on the Elder impulse system. The KST and TSI are in a bullish structure. In short, the stock has broken the base formation. A move above Rs 963 is positive, and it can test Rs 1000. Maintain a stop loss at Rs 948.
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