Best intraday stocks to watch out for on July 21

Best intraday stocks to watch out for on July 21

by 5paisa Research Team Last Updated: Dec 16, 2022 - 05:03 am 21.8k Views
Listen icon

The Nifty closed on Wednesday closed with gains of over 1%.

Though it put a splendid performance, it ended the day almost 70 points from day's high and near to the low of the day and faced the channel resistance line. Interestingly, all the candles at the resistance line are bearish, and all the candles at the support line are bullish. After opening with a huge positive gap, the Nifty has closed much below the opening. In any case, the Nifty opens with a gap down on Thursday and closes negatively means the market has ended its rally. As suspected earlier, the Nifty moved above the 78.6% retracement level and closed above it. At first sight, we don't see any bearishness in any of the indicators. But, with Wednesday's candle formation, it shows exhaustion in the trend. Several stocks declined from the day high very sharply and closed near the day's low. The Open Interest shows that there was the unwinding of positions just before the weekly derivative expiry. Except for today's price action, there is nothing negative. At this juncture, we need to wait for a clear directional bias. A move above today's high of 16588 will negate the bearish implications. But a negative closing will be a caution signal for the bulls.


The stock has broken out of a base pattern by closing above the prior swing high. It closed 4.01% above the 20DMA, and the Bollinger bands hints at a sharp upside. The RSI is almost at 55 zone. The +DMI just crossed the -DMI. The MACD line is trending up above the signal line and nearing the zero line. It closed above the Anchored VWAP resistance. The Elder impulse system has formed strong bullish bars. In short, the stock broke the tight base. A move above Rs 1045 is positive, and it can test Rs 1090. Maintain a stop loss at Rs 1020.


The stock has formed a double top pattern and closed at the valley point support. It also retraced more than 38.2% retracement level indicates the end of an uptrend. It closed at the moving average ribbon support. Wednesday's decline was seen on back of the highest volume. The RSI closed below the prior swing low and at the 50. The MACD shows a decline in momentum. The Elder impulse system has formed a strong bearish bar. It closed at the Anchored VWAP support. The TSI is about to give a bearish signal. A move below Rs.1213 is negative, and it can test Rs 1183. Maintain stop loss at Rs 1228.

Share Market Today

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/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.
Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Teerth Gopicon IPO Debut with 12.6% Premium Opening at ₹125, Setting a Positive Tone

Teerth Gopicon IPO were floated for ₹125 on the NSE SME platform on April 16, representing a 12.6% premium over the issue price of ₹111.Gains were broadly consistent with the gray market, where the share was trading at ₹127 before of the IPO. The term "grey market" refers to unofficial, over-the-counter trading in securities before they are listed on exchanges.

Jefferies' Prediction for Bharati Hexacom: 'Double Your Money in a Year'

Jefferies is bullish on Bharti Hexacom, a Bharti Airtel group company, citing its strong growth prospects and healthy margin expansion.

Jio Financial Services Up 5% After BlackRock Joint Venture Announcement

Jio Financial Services Ltd witnessed a sharp rise in today's trading session following its announcement of a collaboration with BlackRock, a non-banking financial company (NBFC). The stock surged by 4.90 percent, reaching a day high of ₹371.75.