Best intraday stocks to watch out for on June 21
The Nifty formed an inside bar and has also formed another Doji like candle with a long lower shadow.
As it formed a higher low candle and closed above 15323, in one way, Monday's price action is positive. But, in another way, the Nifty traded within Friday's first-hour bar for the last 13 hours. This long indecision may trigger a massive impulsive move on either side. As mentioned earlier, the Nifty is consolidating after a sharp fall before resuming the prior trend. The index put unsuccessful efforts to close above Thursday's close of 15360 for the past two days. As it formed long-shadow candles, the indecision is slightly biased towards the bulls. There are positive divergencies on an hourly chart. Apart from this, the index ended its losing streak is also positive aspect. A move above 15400 will lead to an upside breakout with the target placed at 15650. But an hourly close below 15183 will lead to a resumption of a previous trend, which is going to be another impulsive move.
The stock broke out of a counter-trend consolidation and decisively closed below the 20DMA. It is already trading below the medium and long-term moving averages and MA ribbon. The -DMI crossed the ADX. It has been above the +DMI for a long time. The MACD is about to give a bearish signal. The RSI declined below the 40-zone again and entered the strong bearish zone. The Elder impulse system has formed a strong bearish candle and the KST and TSI indicators are about to give a sell signal. The Mansfield relative strength indicator declined below the zero line. It is also below the Anchored VWAP. In short, the stock ended its counter-trend consolidation. A move below Rs 268 is negative, and it can test Rs 244. Maintain a stop loss at Rs 276.
The stock has formed a bullish engulfing like candlestick pattern with high volume. The RSI has developed a positive divergence. The Histogram shows a considerable decline in the bearish momentum. The stock closed above the moving average ribbon on an hourly chart, along with the MACD line above the zero line, is a positive. It closed above the TEMA. The Elder impulse system has formed a neutral bar. In short, the stock shows the first signs of reversal. A move above Rs 5360 is positive, and it can test Rs 5555. Maintain a stop loss at Rs 5289.
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