Best intraday stocks to watch out for on June 24
The weekly expiry lived up it its expectation of being quite fierce and moves were witnessed on both the sides, due to this stop losses were triggered on both long and short positions.
Interestingly, Nifty had formed another lower-low candle, but it has managed to close above prior trading session open, having said that it traded below Tuesday's high. Once again, the Nifty faced resistance at 8EMA. The price failed to move above Tuesday's high, but RSI did. On a 75-minute chart, it faced resistance at a sloping trend line. It closed in a moving average ribbon, showing neutral bias. The MACD line just moved above the zero line. As the Nifty is in moving in a counter-trend, as long as 15385 is protected be with a positive bias. For an up move to continue, it has to clear this resistance of 15700.
The stock has broken the bullish flag pattern with high volume. It decisively closed above the 20DMA and above all key moving averages. The RSI is above it nine periods average. The +DMI is just moved above the -DMI and ADX from an influx point. The histogram shows a decline in bearish momentum. The Elder impulse system has formed a strong bullish bar and the TSI is about to give a bullish signal. The Anchored VWAP is acting as strong support for the last few days. In short, the stock ended it counter-trend. A move above Rs 1028 is positive, and it can test Rs 1051. Maintain a strict tight stop loss at Rs 1020.
The stock has formed a Doji candle in the oversold zone. After declining sharply in the last two weeks, the stock may consolidate for now. The indicators show some possible recovery in the stock. The CCI has made low before the price is an indication of the short-term bottom. The RSI is formed by hidden divergence in an oversold area. For a contra trade, we can take a long position with a tight stop loss. Buy above Rs 845 with a stop loss of Rs 827. It can test Rs 888.
Start Investing in 5 mins*
Rs. 20 Flat Per Order | 0% Brokerage
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.
Open Free Demat Account
By proceeding, you agree to the T&C.
Fill in your details below: