Best intraday stocks to watch out for on June 22
The Nifty has broken the 13-hour range with an impulsive move. It retraced and closed above 23.6% of the recent fall.
It faced resistance at 8EMA and tested 15700 level, and with an intraday profit booking, it closed at just below the 8EMA. The RSI was sharply up to the near 40 zone. If the global markets co-operate, the Nifty may continue to rally towards the 15800-886 zone. We cannot expect more than this for now. Tuesday's rally has not attracted much open interest. On a 1.88% rally, the Open Interest rose by 3.67%. The volume was recorded above the average. With today's rally, the back-to-back doji candle's got confirmation for a bullish reversal. But, the last five minutes' selling volume is much, much higher, indicating that the traders exited most of the positions by the end of the day. On the hourly chart, the Nifty has formed a bearish engulfing kind of candle at day's high, and it got the confirmation for its implications. The Nifty may retrace back with a small intraday decline and will resume the up move. Be positive as long as it protects today's low of 15419. Otherwise, be with the flow.
The stock has formed a double bottom pattern and closed at the resistance. It closed above the 20DMA. The contracted Bollinger bands indicate an impulsive move on the upside. The MACD line is above the signal line, and the histogram shows an improved bullish momentum. The RSI closed above the prior high and near the 50 zone. The Elder impulse system has formed a strong bullish bar. KST and TSI indicators show a bullish bias. It is above the Anchored VWAP support. In short, the stock has formed a bullish pattern. A move above Rs 584 is positive, and it can test Rs 623. Maintain a stop loss at Rs 561.
The stock closed above the 20 DMA. It has closed above the bullish flag resistance line. For the last three days, higher volumes have been recorded. The MACD line takes support on the zero line, and the declined histogram shows a possibility of momentum. It has formed a strong bullish bar in the Elder Impulse system. It closed above the Anchored VWAP resistance and supports. It is also above the TEMA. In short, the stock registered a bullish breakout. A move above Rs 270 is positive, and it can test Rs 282 and Rs.291. Maintain a stop loss of Rs 265.
Share Market Today
|Indices Name||Price||Price Change (% change)|
|S&P ASX 200||7073.20||-14.1 (-0.2%)|
|CAC 40||7344.67||41.22 (0.56%)|
|Dow Jones||36245.50||294.61 (0.82%)|
|FTSE 100||7537.28||72.65 (0.97%)|
|Hang Seng||16855.83||-168.79 (-0.99%)|
|US Tech 100||14298.26||118.3 (0.83%)|
|Nikkei 225||33431.51||-55.38 (-0.17%)|
|S&P 500||4594.63||26.83 (0.59%)|
|Gift Nifty||20490.00||160.5 (0.79%)|
|Shanghai Composite||3031.64||1.97 (0.07%)|
|Taiwan Weighted||17438.35||4.5 (0.03%)|
|US 30||36261.00||317.9 (0.88%)|
About the Author
DisclaimerInvestment/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.
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