Best intraday stocks to watch out for on June 20

Nifty opened with a very big gap down last Monday and it continued to fall for the rest of week. It registered one of the sharpest and most significant falls in recent times. 

The benchmark index Nifty closed at 52-week low. After declining almost 10% from the swing high, the recent candlestick formation shows indecision about further fall. The current fall is sharper and faster. It declined 1610 points in just 10 trading sessions. The earlier downswing was 13% decline. Sharp decline is followed by sharp upside rallies too. In a bull case scenario, it may extend to the 16187 level at maximum. During this consolidation, expect an increase in volatility.

On a weekly chart, the Nifty has broken the channel support for the second time. But, this time, the whole candle has formed below the channel. It is also near the broadening triangle's support area. Notably, the index closed below the May-June 2021 consolidation or a base area. It has also closed below the February 2021 swing high, from where the third counter-trend consolidation was formed in the March2020-October 2021 bull market. Interestingly, this counter-trend took support at the 14150 zone.

SUNTV 

The stock has formed a base at Rs 404 and moving in a narrow range. On Friday, it moved 1.36% above the 20DMA with a massive volume. The current price pattern looks like a double bottom. Within the pattern, it has closed at the sloping trendline resistance. The RSI has formed an ascending triangle. A move above 52 on RSI will be a big positive for the stock. The MACD has given a fresh bullish signal. The Elder impulse system also formed a strong bullish signal. TSI and KST are in a bullish formation. The stock is above the Anchored VWAP also. In short, the stock is in the base formation and shows bullish bias. A move above Rs 437 is positive, and it can test Rs 450. Maintain a strict stop loss at Rs 426 on an hourly closing basis.

INDUSTOWER 

The stock broke out a very tight range. For the past 22 sessions, it has been trading in just the Rs 10 range of Rs 197-207. On Friday, it broke out of this range with a higher volume multiple resistances. The contracted Bollinger band indicates an impulsive move. It is also above the moving average ribbon and 50DMA. The MACD line just moved above the zero line. The +DMI crossed the -DMI is also a positive thing. The Elder impulse system has formed three consecutive bullish candles. The TSI and KST indicators have been in a bullish formation. It is also above the Anchored VWAP support. In short, the stock just broke above the four-week tight range. A move above Rs 209 is positive, and it can test Rs 221. Maintain a strict stop loss at Rs 200.