Best intraday stocks to watch out for on July 12
The Nifty has ended Monday's session with a minor loss after a smart recovery from the opening low.
The recovery in the Metals and Auto stocks has led the market intraday rally in the afternoon. The Nifty is still trading below the Friday high. The Open Interest shows that there are fresh shorts were built up in the market. Even though there are no divergences visible, the index is hesitant to take a decisive path. It came back into the Bollinger bands. The RSI line has flattened, and MACD has reached a near-zero line. Only the Stochastic oscillator shows extreme overbought condition and possibility of profit booking. On a 75-minute chart, The MACD line is below the signal line which is a bearish signal. Other than that, the Nifty does not show any weakness in any time frame. The recovery from the low shows that the strength is intact. The actual concern is, still, that a majority of Nifty 50 stocks are in the weakening and are in lagging quadrant and they are also showing less Relative Strength momentum. As mentioned earlier, Friday's high is crucial for an upside move or continuation of the countertrend. At the same time, a close below the prior day's low is a negative for the market.
A move above 16234 is positive, and it can test 16264. But a move below 16182 is negative, and it can test 16100.
The stock has broken out of an inverse head and shoulders pattern. It closed above the prior swing high. It also broke an ascending triangle. The stock is trading 9.17% above the 50DMA. It is also above the moving average ribbon, and all the moving averages are in the uptrend. The RSI is in a strong bullish zone. The MACD is above the prior highs and shows strong momentum. The Elder impulse system has formed strong bullish bars. The TSI and KST indicators are in the bullish set-up. A move above Rs.583 is positive, and it can test Rs 601. Maintain a stop loss at Rs 573. Above Rs 601, continue with a trialling stop loss.
The stock has broken out of the cup pattern with a strong bullish bar. The higher volume shows that the breakout is valid. The stock is trading above the key moving averages. The MACD line reached above the zero line, and the histogram shows a strong bullish momentum. The RSI is also in the strong bullish zone. It is trading 4.37% above the 50DMA. The KST and TSI indicators are in a strong bullish structure. The Elder impulse system has formed strong bullish bars. In short, the stock has broken the strong base at the bottom. A move above Rs 8512 is positive, and it can test Rs 8855. Maintain a stop loss at Rs 8434.
About the Author
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Start Investing Now!
Open Free Demat Account in 5 mins