Best intraday stocks to watch out for on June 27

The Nifty oscillated in the 558.15 points range and formed an inside bar on a weekly time frame. It is still below the 10 and 20 weekly averages, and both the moving averages are in a downtrend. The Weekly RSI has bounced from the support area and it is above the 40-mark, which is a positive sign. But, it is a common sign of relief rally in the bear market. The 100-week moving average acted as support for the last two weeks. Currently, it is placed at 15358. On a daily chart, it is above the short-term average of 8EMA. The RSI is also above the 40-mark. For a definitive breakout, the Nifty needs to close above the 15750.

A positive opening on Monday is possible because a spurt in most of the global equities bounced over two per cent. The question is, whether this bounce is sustainable or not? We will be known this by in the next couple of trading session whether it is just a technical pullback within the broader downtrend. Generally, the retracements in the bear market do not extend more than 50 per cent of the prior swing. That level is at 15989, which is around the gap area.

SYNGENE 

The stock is forming a base for the past 30 trading sessions after correcting over 23 per cent in the recent downfall. It closed above the moving average ribbon and the MACD line on the zero line, which is positive. It closed at the base resistance. The stock is just on the 50DMA. The RSI is near the strong bullish zone. The Elder impulse system has formed four consecutive bullish bars. The TSI and KST are in a bullish formation. In short, the stock is at resistance. A breakout above Rs.569 is positive, and it can test 577. Above Rs.584. Maintain a stop loss at Rs 560.

JINDALSTEL 

After a steep fall of over 47 per cent, the stock has formed a doji and gets the confirmation of bullish reversal, as it closed above the doji. The RSI moved out of the oversold zone. The MACD line closed above the signal is a bullish sign. Even the Stochastic oscillator also gives a bullish signal in the deep over-sold zone. The Elder impulse system has formed a neutral bar. The TSI and KST indicators are giving early bullish signs. In short, the stock is giving some reversal signs. A move above Rs.319 is positive, and it can test Rs.325 and Rs.334. Maintain a stop loss at Rs.310.