Best intraday stocks to watch out for on June 29
The Nifty closed flat to positive as it recovered over 150 points from the day low on Tuesday.
As the monthly expiry is nearing, the volatility has increased. The day's swings resembled expiry-day volatility. The opening gap was filled by noon and declined sharply in the 20 minutes. But, the short-covering has led to the recovery. As Nifty has formed a lower high and lower low candle, it is better to have a cautious approach. The RSI needs to cross the 55 zone for a bullish confirmation, which is currently at 47.11. The MACD has given a buy signal. The 20DMA is placed at 15947, which is crucial and immediate resistance. The market may experience very high volatility for the next two days. Let us wait for a decisive above 15947. In any case, if the Nifty fails to close above the 15947 level and slips below the level of 15650 down move will resume.
The stock closed below the 20DMA and got the confirmation for the previous day's shooting star candle. The 20DMA is in a clear downtrend. It is 4.47% below the 50DMA. The Mansfield relative strength indicator declined below the zero line, which shows underperformance compared to the broader market. Even the Relative Price strength rating is very poor at 43. The Death cross has occurred during the recent swing high. In short, the stock is reversing from a resistance point. A move below Rs 1710 is negative, and it can test Rs 1677. Maintain a stop loss at Rs 1730.
The stock failed to move up in a counter-trend. It closed at the lower range of the consolidation. It traded in the tight range for the last 11 days and decisively closed below the prior day's low. The stock is below all short-term averages. The RSI failed to move above the 40 zone, while the histogram shows very low momentum. The Elder impulse system has formed a fresh bearish bar. The TSI is bearish, and it is below the Anchored VWAP. In short, the stock is at a crucial support. A move below Rs 11265 is negative, and it can test the new lows around Rs 10950. Maintain a stop loss at Rs 11300.
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