Best intraday stocks to watch out for on June 17

Best intraday stocks to watch out for on June 17

by 5paisa Research Team Last Updated: 2022-06-17T08:48:28+05:30

The Nifty decisively closed below the prior lows of 15671 and 15735 and also came out of the last two days of indecisiveness.

The opening buoyancy fizzled out within minutes, Nifty has now formed a sizable bearish bar. The importance of Thursday's move is that the index made a new low. In the last five trading sessions, it declined by 1065 points or 6.46%, which is a massive fall. It also made a new 52-week low and declined over 17.5% from the October 2021 high. Our target of 15323 is almost achieved. The RSI enters into the oversold or a strong bearish zone, while the rising ADX (20.48) shows the strengthening bears. The -DMI is almost at the previous high is an indication that bulls have lost their grip on the market. The Elder impulse system has formed a strong bearish bar on a weekly time frame. About 70% of the Nifty500 stocks declined below the 200DMA. And many of them are trading over 30% lower than their All-Time High (ATH).

However, if the 15323 level is protected, the index may bounce towards the 15600-15863 level. But, a weekly close below 15323, will be a big negative for the market. Thursday's high of 15863 will act as crucial resistance for now.


SBICARD

The stock broke the descending triangle pattern with higher volume and is moving in a downward channel. The stock is trading below all key short and long-term moving averages, while the RSI is in a strong bearish zone. The MACD has faced resistance at the zero line, and the histogram shows a strong bearish momentum. The -DMI is sharply above the +DMI and ADX. The Elder impulse system has formed bearish bar on the daily and weekly charts. The KST is about to give a sell signal, and TSI is already in bearish mode and is below the Anchored VWAP support. In short, the stock broke the most bearish pattern. A move below Rs 711 is negative, and it can test Rs 660. Maintain a stop loss at Rs 728.

VEDL 

The stock declined below key supports and breached many parallel lows or swing lows. After breaking the counter-trend, it sharply declined. The stock is trading below the key moving averages with the MACD giving a fresh sell signal. The RSI is in a strong bearish zone. ADX shows solid strength in the downtrend. The -DMI is much above the +DMI. The Elder impulse system has formed a series of bearish bars with TSI in bearish mode, and the KST is about to give a sell signal. The stock is also below the Anchored VWAP. In short, a move below Rs 266 is negative, and it can test Rs 257. Maintain a stop loss at Rs 274. 


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