Best intraday stocks to watch out for on June 30
On Wednesday, except for the last hour move, the Nifty has moved in a similar fashion to the previous day. It opened with a gap down and filled the gap by moving higher. But, the last hour decline because of profit booking is the only difference. The benchmark index has made another lower high and lower low candle. The 21 EMA(15689) acted as resistance on Wednesday. As the index has formed a long upper shadow candle, it is a negative for the market. It retraced almost 50 per cent of the day's upside move in the last hour. The index and broader market breadth was negative. The rollovers are still below the monthly, quarterly and six months averages. The distance between the price and 20DMA has increased. This is an indication that bears are taking control of the market. The 50DMA is now 2.95 per cent away. For the last three days, the index failed close above the 38.2 per cent retracement level of 15885. As the expiry is in place, the volatility will increase further.
The RSI is facing stiff resistance at the 46-47 zone. Only in case of RSI moves above 55 zone, will be a positive sign. Otherwise, be cautious approach with a smaller position size.
The stock closed below the 20DMA decisively. The last three declines is seen on back of high volume indicating the distribution. It is also trading below the moving average ribbon. The MACD is about to give a sell signal. The RSI has declined below the 50 zone sharply. It has also broke the upward channel. It has formed two successive bearish bars in the Elder impulse system. The stock also declined below the Anchored VWAP support. TSI has given the sell signal, and the KST is about to give a bearish signal. In short, the stock broke the rising channel. A move below Rs. 202 is negative, and it can test Rs.193. Maintain a stop loss at Rs.206.
The stock closed at a new low and broke the parallel lows. The seven-day consolidation ended with a high volume decline. It is trading below all key short-term averages. The RSI is just in the 30 zone. The MACD line is much below the zero line. The moving average ribbon is also in the downtrend. The Elder impulse system has formed a bearish bar. The KST and TSI indicators have formed bearish setups. The stock is also below the Anchored VWAP support. In short, the stock closed at a new low. A move below Rs.1640 is negative, and it can test Rs.1590. Maintain a stop loss at Rs. 1660.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7581.50 | -109.2 (-1.42%) |
| CAC 40 | 8088.24 | 71.59 (0.89%) |
| DAX | 18161.01 | 243.73 (1.36%) |
| Dow Jones | 38286.92 | 201.12 (0.53%) |
| FTSE 100 | 8145.02 | 68.42 (0.85%) |
| Hang Seng | 17651.16 | 366.61 (2.12%) |
| US Tech Composite | 15935.57 | 318.81 (2.04%) |
| Nikkei 225 | 37934.69 | 306.28 (0.81%) |
| S&P 500 | 5105.50 | 57.08 (1.13%) |
| Gift Nifty | 22607.00 | -66 (-0.29%) |
| Shanghai Composite | 3088.64 | 35.74 (1.17%) |
| Taiwan Weighted | 20120.51 | 263.09 (1.32%) |
| US 30 | 38305.90 | 180.7 (0.47%) |
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