Best intraday stocks to watch out for on July 15
For the last four days, the index has been forming lower lows and lower high candles. Importantly, it is also retraced more than 38.2% of the previous upswing. With Thursday's fall, the counter-trend rally is ended. The Nifty is decisively trading below the 50DMA. Currently, the 20DMA is just 0.4% away, which is at 15803. Importantly, the Nifty is underperforming compared to the broader market. A majority of Nifty 50 stocks are lagging in their momentum. As very few sectors are in the leading quadrant, there is a serious lack of leadership.
On a weekly chart, the Nifty is still trading within the previous week's range. It failed to cross the last week's high. Earlier, the up swings are limited to 14-19 sessions. Like, the previous swing, the current swing also matured in 14 sessions. The daily MACD line declined below the zero line. The last hour's recovery is because of short covering, which is not trustworthy. A move below 15921 is negative, and it can test 15884.
The Stock has tested multiple support. It tested the 20DMA and it has entered moving average ribbon and holding for the day. It also took support at the rising channel demand line. The RSI declined below the 50 zone, and the MACD line is around the zero line and indicating a flat momentum. The Elder impulse system has formed a strong bearish bar on Thursday. It is trading below the Anchored VWAP support. In short, the Stock closed at crucial support. A move below Rs.655 is negative, and it can test Rs 621. Maintain a stop loss at Rs 670.
The stock closed at the crucial support level of a consolidation pattern. The record level volume on a declining day shows that huge selling pressure and distribution have occurred. On Thursday, it has engulfed the nine days of price action. It is trading below the key moving averages. The MACD line is about to close below the signal line for bearish confirmations. The Elder impulse system has formed strong bearish bar. It is clearly below the Anchored VWAP. In short, the Stock closed at critical support. A move below Rs 2766 is negative, and it can test Rs 2483. Maintain a stop loss at Rs 2850.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7555.70 | -82.4 (-1.08%) |
| CAC 40 | 8022.41 | -0.85 (-0.01%) |
| DAX | 17737.36 | -100.04 (-0.56%) |
| Dow Jones | 37962.88 | 187.5 (0.5%) |
| FTSE 100 | 7895.22 | 12.39 (0.16%) |
| Hang Seng | 16224.15 | -161.73 (-0.99%) |
| US Tech Composite | 15387.36 | -219.14 (-1.4%) |
| Nikkei 225 | 37068.28 | -1011.35 (-2.66%) |
| S&P 500 | 4985.50 | -25.62 (-0.51%) |
| Gift Nifty | 22184.00 | 169 (0.77%) |
| Shanghai Composite | 3065.26 | -8.96 (-0.29%) |
| Taiwan Weighted | 19527.12 | -774.08 (-3.81%) |
| US 30 | 37964.70 | 236.1 (0.63%) |
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