Best intraday stocks to watch out for on October 11
The Nifty smartly recovered about 200 points from the day's low. After opening with 220 points huge gap down, it was able to protect the opening low and bounce sharply. The intraday dips were used as buying opportunities. Before the earnings season begins, the IT pack had led the recovery on Mondaym The Nifty has formed another lower-high candle. As mentioned earlier, the index is within the range. The 200 DMA further flattened, and the 20DMA slipped further down. Even on the hourly timeframe, the index is in the neutral zone. It closed in the moving average ribbon, and the MACD line is on the zero line. This shows the index may further consolidate in the range. As long as, the Index trades between17420 and 16985, the market is directionless.
The stock closed near the nine-day base support. It has formed a strong bearish bar on the Elder impulse system. The stock is trading below the short and long-term moving averages. It is 11.25% below the 50DMA. It is also sustaining below the Anchored VWAP support. The MACD has given a fresh sell signal. RSI is in a strong bearish zone. The volume shows a strong distribution. The KST and the TSI indicators are in a bearish mode. In short, the stock closed at crucial base support. A move below Rs.392 is negative, and it can test Rs.376. Maintain a stop loss at Rs.398.
The stock has broken down the head and shoulders pattern with a higher volume. It also closed below the 200DMA. The moving average ribbon is in a downtrend. The 20 and 50DMAs are also in the downtrend. The MACD histogram shows an increased bearish momentum. The RSI has broken down from the squeeze area and entered the bearish zone. The Elder impulse system has formed a strong bearish bar. RRG RS and Momentum declined below the 100 zone. The KST and TSI indicators have been in a bearish set-up. It is also below the Anchored VWAP support. In short, the stock broke the bearish pattern. A move below Rs.755 is negative, and it can test Rs.732. Maintain a stop loss at Rs.763.
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