TVS Motor Acquires Majority Stake in DriveX, Strengthens Pre-Owned Market
Best intraday stocks to watch out for on August 26
Last Updated: 13th December 2022 - 09:09 am
During the last two days, Nifty opened with a gap-down and recovered the losses before closing positively.
On Thursday, after opening the day with solid gains and trading in green terrain for the most part of the session, it succumbed to a severe sell-off in the last leg of the session. As a result, it closed down by nearly 0.5% and with this, it ended its two-day winning streak. Though it managed to close above the 20-DMA support, it declined below the 13-EMA.
On the daily chart, it formed another sizeable bearish candle with an added distribution day. In any case, if it closes below the 20-DMA, the daily and weekly bearish patterns will get the required confirmations of their implications. The 20-DMA (17,483) may act as immediate support. On the upside, Thursday's high of 17,726 is the immediate resistance. Nifty would be able to resume the upside move only if it climbs above this level.
The stock has broken out of an ascending triangle with a massive volume. It retraced 50% of the prior downtrend. It formed the higher lows and closed above the key moving averages. It is sustained above the moving average ribbon, and the MACD has given a fresh buy signal above the zero line. The RSI has broken out of an inverted head and shoulders pattern and is in a strong bullish zone. The Elder impulse system has formed a strong bullish candle. The stock also closed above the 200-DMA. The RS momentum is above 100, and the TSI has given a fresh bullish signal. In short, the stock has broken out of a bullish pattern with higher volume. A move above Rs 410 is positive, and it can test Rs 437. Maintain a stop loss at Rs 403.
The stock closed below the rising trendline support and formed a bearish engulfing candlestick pattern. It is below the 13EMA. The 20-DMA support is at Rs.808. MACD has given a fresh sell signal. RSI closed below the prior lows and below the 60 zone. It also got confirmation for bearish implications of hidden divergence. The elder impulse system has formed a strong bearish bar. The KST and TSI indicators have given the sell signals. It is trading below the TEMA. In short, the stock broke the crucial support. A move below Rs.808 is negative, and it can test Rs 794. Maintain a stop loss at Rs 818.
- Flat ₹20 Brokerage
- Next-gen Trading
- Advance Charting
- Actionable Ideas
Trending on 5paisa
Indian Market Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.