Best intraday stocks to watch out for on October 12
The resilient Nifty finally fell below the 200DMA with the broad-based selling pressure adding to the woes.
Only two of the Nifty 50 stocks were able to close in the green, and the broader market breadth is extremely negative. The index erased most of the last week's gains. It retraced over 61.8% of the prior minor upswing. As mentioned earlier, it is confirmed that the 17429 is the minor swing high for now. The 50-Day Exponential Moving Average acted as stiff resistance for the last two days. Last week's counter-trend consolidation has broken down with Tuesday's decline. The momentum has increased further on the downside. The RSI is at 41.49, near the strong bearish zone. The VWAP Anchored on June 17 low acted as a support for the day. The RS line is also declining. Heikin-Ashi chart also formed two consecutive bearish candles, which are bearish.
On an hourly chart, the Nifty decisively closed below the moving average ribbon, and the ribbon is in a downtrend. The MACD line also declines below the zero line, which is a bearish setup. Only in case of the index moves above Tuesday's high of 17262, it will be positive. Otherwise, it is advised to with a negative bias.
The stock closed at an 18-month low. Tuesday's decline with a massive volume indicates huge distribution. All the averages are in a downtrend. It closed below the prior low with a bearish strong bearish candle. The moving average ribbon is in a downtrend, and the MACD histogram shows a strong bearish momentum. The Elder impulse system has formed a fresh bearish bar whereas the KST and TSI indicators are in the bearish more. It is also below the Anchored VWAP support. In short, the stock closed at new low and broke the key supports. A move below Rs 502 is negative and can test Rs 485. Maintain a stop loss at Rs 513.
The stock is in a clear downtrend and broke down the counter-trend consolidation. It is below all key moving averages. The 34EMA acted as resistance recent minor high. The stock is below the moving average ribbon, and the MACD has given a fresh sell signal whereas RSI is on 40 and entering into a bearish zone. The elder impulse system has formed bearish bars. Anchored VWAP acted as a resistance. Even on the hourly chart, also, the stock is below the MA ribbon along with the MACD line below the zero line. It closed below the prior minor low. In short, the stock is on crucial support. A move below Rs 3762 is negative, and it can test Rs 3595. Maintain a stop loss at Rs 3814.
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