Best intraday stocks to watch out for on June 23

The benchmark indices gave up most of the gains which were logged in prior trading session, as global futures traded in negative terrain. Once again, the metals led the fall today. The Nifty closed at 15413.30 with 225.5 points or a 1.44% loss. The Nifty Metal index is down by  4.87%. The Media and Realty indices are down by 3.5% and 2.19%. The other sector indices were down by 1 - 2%. The market breadth turned negative as 1458 advances and 623 declines. About 91 stocks hit a fresh 52-week low, and 94 stocks traded in the lower circuit.
 

The Nifty tested the previous day's breakout level, and for a brief period, it traded below the previous day's low. It also retraced exactly 61.8 per cent of the prior up move. The 85-point bounce in the late afternoon did not sustain in the last hour. Mostly, the positions were adjusting for monthly expiry. As it closed below the previous day's low, the bears are back in action and took control over the market. The Nifty also formed lower, high and low candles. Opening at a higher level and closing near the day's low is another bearish indication. If failed to close above the prior bar high on a 75-minute chart. The index closed below the moving average ribbon, along with the MACD line below the zero line and the signal line.

After closing decisively above the 23.6 retracement level of the prior down move, the same level, 15563, acted as a resistance today. With this, the counter-trend is almost ended. For a reversal upside again, the Nifty needs to close above 15563. Otherwise, the downside move will continue. Another negative candle will confirm the resumption of a downtrend. In any case, if the index closes below 15380, the fall will be a ferocious more severe than the previous one.

ALKEM

The stock broke the tight consolidation with high volume. With this, it ended the counter-trend consolidation. The price below the 20DMA and the contracted Bollinger bands indicates an impulsive move on the cards. The MACD line is below the zero line and signal and gave a fresh sell signal. The RSI declined below the 40 zone and entered the bearish zone. The -DMI crossed the +DMI. The Elder impulse system has formed strong bearish bars. The KST is about to give a bearish signal, and the TSI has already given a sell signal. The stock is trading below the Anchored VWAP. In short, the stock broke the key supports and ended its consolidation. A move below Rs.2980 is negative, and it can test Rs.2832, and Rs.2727. Maintain a stop loss at Rs.3090.

ICICIPRULI 

The stock closed at very critical support and at the prior swing low. it is consolidating for a long period in a downtrend. Trading below all key moving averages. The RSI closed below the prior low and in a bearish zone. The MACD line declined below the zero line, and the histogram shows a strong bearish momentum. The -DMI moved above the prior high and +DMI. The ADX shows strength in the bears. A series of bearish bars has formed in the Elders impulse system. It is below the Anchored VWAP support and resistance. The KST and TSI indicators are in the bearish setup. In short, the stock closed at crucial support. A move below Rs.483 is negative, and it can test Rs.459. and Rs.433. Maintain a stop loss at Rs.500.