Intraday Stocks for Today
Nifty hit a new lifetime high and closed on a new high in Monday's trading session.
The market opened on a negative note and bounced to a new high and formed an outside bar. With the index at a new high, we can consider that the 13-month-long counter-trend consolidation is ended. From here, expect the market to move higher with smaller consolidations. As long as it trades above 18258, it is better to avoid the bearish view on the market. Only below the recent base low of 18114, we may get the reversal signs for the short to medium term.
With the benchmark index at a new high, all moving averages are in an uptrend. Currently, the index is trading 4.7% above the 50DMA and 1.67% above the 20DMA. This shows that the probability of mean reversion is minimal. If the Nifty can close above 18545 for two days, we can expect 18780, 19034, and 19180 levels in the short to medium term. The RSI closed at the near prior high. A close above 69-70 will increase the possibilities of the above targets sooner. The MACD has given a fresh buy signal buy, moving above the signal line. Ride the trend as long as it is intact.
The stock has closed on the 20DMA support. It also tested the recent low. The volume is higher than the previous day. The MACD has given a fresh sell signal. The RSI closed on the parallel lows support at 52 and the Elder impulse system has formed a bearish bar. The RRG momentum is declining below the 100 zone, while the KST and the TSI indicators are giving weaker signals. In short, the stock has given early signals of weakness. A move below Rs 430 is negative, and it can test Rs 410. Maintain a stop loss at Rs 437.
The stock has just broken out of an ascending triangle. It sustained above the 20DMA for the second day. The narrowed Bollinger bands indicate a possible impulsive move on the upside. The MACD has given a bullish signal. The KST and TSI indicators are also given fresh buy signals. The stock just closed at the Anchored VWAP resistance. It is 2.48% below the 50DMA. The Elder impulse system has formed two bullish bars. The RSI broke out of the squeeze area and closed above the 50 zone. In short, the stock has a big upside move potential. A move above Rs 393 is positive, and it can test Rs 402. Maintain a stop loss at Rs 387.
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