Best intraday stocks to watch out for on July 29
The Nifty rallied 1.73% on Thursday and it managed to close above the 16900 make. The benchmark index gained over 500 points from Wednesday's low. Thursday's huge gap opening, on the day of the monthly expiry, came as a surprise!
Interestingly, Thursday’s rally of 287 points did not attract volume as it recorded less than the previous day. On an extremely positive day, this data gives some suspicion. Nifty closed above the prior swing high of June 03, 2022. After staying within Bollinger Band for the last three days, Nifty has once again closed above the upper Bollinger Band.
Furthermore, with the robust move of the past two trading sessions, the Nifty has retraced over 50% of the current eight-month-long downtrend. It has also broken the upward channel. The 200-DMA is placed at 17,029, which may be the immediate target and resistance too. As Nifty over extended the rally, it is better to be with a cautiously positive bias. Having said that, there is no scope for shorting now as the sentiment is strongly bullish.
The stock had jumped over 3% on Thursday with robust volumes. Volume for the day was the highest single-day volume since July 22. More importantly, the stock is trading above its key moving averages like 20, 50, 100 and 200DMA. Also, we have observed there is the formation of a bullish pennant-like pattern on the daily chart of the stock. The stock is on verge of a breakout of this pattern, with volume seeing a spike, it is likely, that the stock will breakout of this pattern and touch levels of Rs 1400 in the near term, a stop loss of Rs 1310 is recommended.
Technically, the stock is trading above the prior pivot. It has broken out of a 15-week cup pattern with a massive volume. The cup depth is 21%. The stock also broke the 39-week consolidation. It has a better RRG relative strength. After the last week's breakout, it consolidated for five days and moved higher. The +DMI is above the -DMI and ADX, and the ADX is rising. The weekly MACD and RSI are in the strong bullish zone and have a bullish momentum. The TSI and KST indicators show a bullish setup. It is also above the Anchored VWAP. In short, the stock is trading above the prior pivot. A move above the level of Rs 109 is positive for the day maintain a stop loss of Rs 103 and on an upside target of Rs 114 is possible.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7683.00 | -7.7 (-0.1%) |
| CAC 40 | 8059.79 | -32.07 (-0.4%) |
| DAX | 18007.08 | -81.62 (-0.45%) |
| Dow Jones | 38460.92 | -42.77 (-0.11%) |
| FTSE 100 | 8092.64 | 52.26 (0.65%) |
| Hang Seng | 17284.55 | 83.28 (0.48%) |
| US Tech Composite | 15717.75 | 16.11 (0.1%) |
| Nikkei 225 | 37628.41 | -831.6 (-2.16%) |
| S&P 500 | 5071.63 | 1.08 (0.02%) |
| Gift Nifty | 22590.00 | 220 (0.98%) |
| Shanghai Composite | 3052.90 | 8.08 (0.27%) |
| Taiwan Weighted | 19857.42 | -274.32 (-1.36%) |
| US 30 | 38363.30 | -18.5 (-0.05%) |
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