Best intraday stocks to watch out for on July 14
The counter-trend rally matured at 16275. It exactly faced resistance at the channel resistance.
The decline of 200 points from the day's high was violent and the Nifty declined sharply below its 50DMA. After filling June 13 gap, the index is hesitant to move higher and lost its bullish momentum. Wednesday's fall filled the July 7 gap-up area and closed at five days low. For the third consecutive day, the Nifty has formed a lower high and lower low candle. Interestingly, it also retraced more than 23.6% of the swing. The MACD line is about to decline below the zero line. The histogram shows a significant decline in bullish momentum. The RSI is back to below the 50 zone. Currently, the Nifty is just 1.2% above the 20DMA, which may act as crucial support for now. The Anchored VWAP acted as a strong resistance earlier, which is now placed at 16225, and in the near term it may act as a key barrier. Going forward, sustaining above these levels, the index may move beyond the prior swing high of 16794. Otherwise, be with a negative bias now and on the downside target of 15840-15760 is possible.
The stock closed at crucial support. It formed a descending triangle. The sloping trendline is acting as a strong resistance. It is trading below the key moving averages, and the averages are in a downtrend. The RSI is in the strong bearish zone. MACD is below the zero line, and about to move below the signal line. The Elders impulse system has formed strong bearish bars The stock is much below the Anchored VWAP and TEMA. In short, a move below Rs 2147 is negative, and it can test Rs 2025. Maintain a stop loss at Rs 2163.
The stock broke the counter-trend consolidation pattern on back of robust volume. It decisively closed below the 20DMA, and the contracted Bollinger bands indicate an impulsive move on the cards. It is also below the moving average ribbon along with the MACD line below the zero line. The MACD has given a sell signal on the zero line. The RSI declined below the 40 zone and entered the strong bearish zone. The -DMI is sharply above the +DMI and ADX. A move below Rs 2006 is negative, and it can test Rs 1946. Maintain a stop loss at Rs 2055. Below Rs 1946, it can test Rs 1840.
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