Best intraday stocks to watch out for on June 16

Best intraday stocks to watch out for on June 16

by 5paisa Research Team Last Updated: 2022-06-16T09:05:41+05:30

Nifty has formed an inside bar and closed near the day's low and declined over 100 points from the day's high on Wednesday. As it also formed a shooting star like candle for the second successive day, it is a weaker signal.

For the last three days, 15671 has been held on a closing basis. In fact, the index is trading within Monday's range. It failed to enter the gap area. The broader market actions have been mostly range-bound for the last two days. 15886-15659 range has to be a break for a decisive directional bias. The momentum further increased on the downside. On a 75 minutes chart, the indecisive bars suggest a directionless market. A move below 15670 is negative, and it can test 15350 in no time. Monday's high 15886 will act as key resistance. However, sustaining above 15886 would open gates for the level of 16000 on the upside.


The stock closed above the eight days high. After trading in a tight range, it moved above the 8EMA. The RSI is rising from the oversold condition to the near bullish zone. The MACD and RSI have given a fresh buy signal. Several neutral bars have formed in the Elder impulse system. In short, the stock is recovering from its oversold condition. A move above Rs 883 is positive, and it can test the 20DMA of Rs 900. Maintain a stop loss at Rs 867. Above Rs 900, continue with a trailing stop loss.


The stock retraced 38.2% of the prior uptrend. It took support on 20DMA and formed lower highs and got the bearish confirmation for the previous day's Doji candle. The MACD has given a fresh sell signal and RSI also declined below the prior swing low. The Elder impulse system has formed three consecutive bearish bars. The TSI has given a sell signal, and the KST is about to give a bearish signal. In short, the stock is closed at crucial support. A move below Rs 1125 is negative, and it can test Rs 1108. Maintain a stop loss at Rs 1146; below Rs 1108, continue with a trailing stop loss.


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