These two stocks are hot for intraday in India right now.

These two stocks are hot for intra-day

Intraday trading is a skill that has made fortune for many well known traders from

Jesse Livermore to Steven Cohn. It is more than speculation and requires

dedicated skillset to analyse the patterns, market sentiment and statistical analysis

of the stock.

In this article we bring you 2 best intraday trading stocks with its analysis to make

your profit making intraday trading journey convenient and rewarding.

Reliance Industries Limited (RIL) - Buy

Headquartered in Mumbai, Reliance is India’s biggest multinational conglomerate.

RIL has its business spread across India in varied sectors like energy,

petrochemicals, natural gas, retail, telecommunications, mass media and textiles.

Being the 8th largest employer with more than 150,000 employees , RIL is the

highest profitable company in India with over $150 billion in market capitalisation.

Volatility :

Reliance is one of the most active stocks on both the exchanges. Listed in

NIFTY50 with over 10% weightage and recent mergers & acquisitions, RIL share is

trading with immense volatility.

It can be easily understood from the last one month daily chart that the daily

volatility in Reliance share averages between 3% - 4% with high volumes, making

this stock an attractive trading stock.

Therefore the recent developments has made this stock quite lucrative for intraday

traders.

Technical Factors :

• Relative Strength Index

Post RSI or Relative Strength Index analysis, it can be concluded that the

momentum is building up for an upside reversal and as of now the stock seems to

be consolidating.

With the present RSI of 48, the stock has managed to stay consistently above 45

which is a highly positive trait considering the bearish formation of Dragonfly Doji

on July 19,2021.

• Exponential Moving Average

The stock has been able to sustain 7 DEMA or the 7 Day Exponential Moving

Average of ₹2097 which shows the 7 DEMA is behaving like a strong support.

Moreover, the reversal trend is pushing the stock towards 30 DEMA and if broken

the stock can form a Bullish Crossover.

With the Bollinger Band range of 2047 - 2170, it can be seen there is a great

potential for the intraday traders to make amazing profits from the stock and after

analysing the 1 hour, 2 hour & 4 hour chart, we can strongly conclude that the

Reliance stock is very close to make a Bullish Crossover.

Other Factors :

Considering the recent developments it is likely for the Reliance industries to stay

in the news and motivate traders to stay active in it.

From the recent acquisition of Just Dial to aggressive Digital expansion, it is highly

probable that RIL is going to stay volatile and will experience higher participation

volumes from traders.

Tata Steel - Short Sell

Being one of the top steel producing companies, Tata Steel is a behemoth with the

annual steel production capacity of more than 30 million tonnes. Moreover its

operations are spread across the globe and the steel group reported a

consolidated turnover of over $19 billion in the 2019-20 financial year.

Tata Steel stock graph

Volatility :

Tata Steel has recently become quite volatile due to the increase in traders activity.

With around 4% - 5% of daily volatility and gradual increase in the volumes of

traded shares, Tata Steel can definitely prove to be a blessing for intraday traders.

Technical Factors :

• Relative Strength Index

Analysing the RSI chart reveals a strong downward reversal as the stocks seems

to be trading in the overbought zone. Moreover the stock touched the RSI of 67 on

July 16, 2021 with the Dragonfly Doji formation, confirming the downward reversal.

• Exponential Moving Average

Tata Steel stock broke its 30 DEMA or the 30 Day Exponential Moving Average on

July 20,2021 with strong volumes and a thick candle. Moreover 1 hour & 2 hour

period charts shows the stock is expected to make a Bearish Reversal very soon.

Bearish Reversal will accelerate the downward trend leading the stock to touch the

price of ₹1100 from the present price of ₹1294, therefore having a great potential

for traders to book profits through short selling the stock.

Other Factors :

Other Factors :

Other factors that impact the stock movement is the increase in Put Option Open

Interest in the recent days showing the negative sentiment of market.

Moreover, impact on the construction and the automobile industry due to Covid

Pandemic has immensely effected the Tata Steel stock.



Author : 
moneyvedainc - A good freelancer on fiver contact him for good articles.

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