Best intraday stocks to watch out for on October 14

The benchmark index is experiencing increased volatility on the back of fragile global cues.

Nifty has been trading within Tuesday's range for the last two days despite declining over 100 points. For the third successive day, it tested 200-DMA and bounced sharply. It almost tested the rising trendline support drawn from the low of June 17.

Though Nifty formed a lower high and lower low candle on the daily chart on Thursday yet it is trading within the range of Tuesday’s candle. The recovery in the afternoon session was mainly due to the short-covering on the eve of the weekly expiry and the recovery in US futures. The momentum has increased mostly on the downside.

As mentioned earlier, the range hasn't been breached yet. It is trading between 20-DMA and 200-DMA. The 20-DMA and the 50-DMA have entered into a downtrend, which is significantly negative for the index. Most importantly, the distance between 20 and 200-DMAs has been narrowed.

Currently, the 20-DMA is at 17,274, which is a similar level to that of Tuesday's high. Nifty sustained below the moving average ribbon on the hourly chart while the MACD line is below the zero line. A decline below 16,855 will confirm the downside move while on the upside, it needs to first clear the resistance of 20-DMA.

INDIACEM

The stock has broken down the symmetrical triangle on the back of higher volume. It is also trading below the 20DMA, and this short-term average enters into a downtrend. It is currently 9.16% below the 20DMA. The stock also closed below the moving average ribbon. The MACD histogram shows an increase in bearish momentum. The RSI is below the prior low and near the bearish zone. The -DMI just crossed the +DMI indicates bear domination. The stock has formed three bearish bars in the Elder impulse system. It also declined below the Anchored VWAP support. The KST and TSI indicators are also in the bearish setup. In short, the stock broke the bearish pattern. A move below Rs 236 is negative, and it can test Rs 222. Main a stop loss at Rs 240.

COALINDIA

The stock closed above the prior swing high and broke out of a cup and handle kind of pattern. It is above the moving average ribbon along with the MACD line above zero line. It is decisively above all short and long-term averages. The MACD histogram shows an increased bullish momentum. The RSI is near a strong bullish zone. The Elder impulse system has formed strong bullish bars. The RRG RS and Momentum are above the zero line. It is also above the Anchored VWAP. The KST and TSI have given a fresh buy signal. In short, the stock has registered a bullish breakout. A move above Rs 234 is positive, and it can test Rs 249. Maintain a stop loss at Rs 229.