In the most recent trading session, the Asian markets have closed negatively, and the Indian benchmark indices are in the momentum of a sell-off from the past week after a huge upside recovery. Almost all the sectors closed negative in the most recent trading session, and in the short-term period, the Nifty 50 is consolidating after a sharp fall the previous week.
Here are some intraday stocks in a good position on the chart to buy or sell as per the technical analysis.
Hindustan Unilever Ltd
The stock price is in huge upside momentum in the larger time frame from past weeks, and in the smaller time frame, the stock is showing good volatility, but overall it is looking bullish. Here are the positions of some technical indicators in the 15-minute time frame of the chart:
• The stock price is consolidating from a while in a demand zone and has made a bullish inverted head & shoulder pattern.
• The price of the stock is making a flag and pole pattern which is a bullish pattern.
• The RSI is currently at 55 levels and is moving to the upside after taking support near 40, which is a bullish range shift.
So overall, the stock looks good for a potential upside move. Intraday traders should look for buying opportunities in this stock for next trading session.
Eicher Motors Ltd
The stock is trending in a strong uptrend on the larger time frame, and in the most recent trading, the stock's price has shown good momentum to the upside; however, the stock is showing signs of a trend reversal. Here are some of the technical indicators in the 15-minute time frame of the chart:
• The stock price has made a double top pattern and sharply fallen after a neckline breakout.
• The stock price is expected to be in the 4th wave of the Elliot wave theory, and the 5th wave is on the downside.
• The RSI is currently at 57 levels and is moving to the upside; however, it is expected to take resistance near 60 and move downwards. The stock might move to the upside if the RSI crosses 60 with good momentum.
Intraday traders should look for selling opportunities on the stock as it shows signs of trend reversal; however, first, traders should look for the sentiment of the overall auto sector.
Divis Laboratories Ltd.
In the larger time frame, the stock is plunging sharply; however, in the correction phase and in the shorter time frame, the stock price is looking in an uptrend. Here are some of the technical indicators in the 15-minute time frame of the chart:
• The stock price is making a bullish ascending triangle pattern near a major demand zone.
• The stock price is going up after making a double bottom pattern.
• RSI is currently at 50 levels and is on the downwards momentum; however, it is expected to take support at 40.
Intraday traders should look for potential upside moves as the stock looks bullish for next trading session.
The stock has been picked according to the technical analysis. Greynium Information Technologies and the Author do not encourage anyone to buy or sell any stocks and are not liable for any losses caused by decisions based on the article. Goodreturns.in advises users to check with certified experts before making any investment decision.