Best intraday stock to watch out for on 15-March-2023

Best intraday stock to watch out for on 15-March-2023

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 927 Views

As we forecasted, the Nifty exactly took support at channel support 16987 and bounced by 56 points. As it declined by 4.41% or 785 points in just four trading sessions, it consolidated for some time. Generally, this kind of sharper decline takes a rest before resuming the preceding trend. If Tuesday low is protected, the Nifty can bounce towards the level of 17178 and 17297. In present situations, these levels may be the most optimistic forecast to be achieved. The broader market is weaker as almost 60% of the Nifty 500 index stocks are below 200DMA. The Advance-Decline ratio is very poor. No sector is in a position to lead the market. 

The logic behind the bounce is simple. First, it has tested the key support of the slopping channel. Secondly, it has tested the 88% Fibonacci extension level of the prior two swings. Third, it formed a lower low in a faster manner and will attract consolidation, normally. Fourth, positive divergences are developing in daily RSI, which is also in the oversold condition on an hourly chart. Fifth, It retraced 50 per cent (17035) of the June-December 2002 rally. Corrections take a pause between 50 and 61.8% levels. The 61.8% level is at 16598. The 200 DMA is at 17444. With the above factor, we better stay neutral to a positive instead of a strongly bearish view. In other terms, limited downside, limited upside. As stated above, the Nifty may consolidate between the 16920-17472 zone. To halt the fall, Nifty must protect today's low 16987 and close positively tomorrow. But, expect the unexpected with negative newsflow from the global markets. 


Even in the weak market, the stock has been consolidated for the last four days above the prior pivot level. It is trading in a very tight range and forming indecisive candles. The stock is trading above all moving averages. It is clearly above the moving average ribbon. It is 12.14% above the 50DMA and 4.77% above the 20DMA. The MACD and RSI are in a strong bullish momentum. The Elder impulse system has formed a fresh bullish bar. KST and the TSI have been in a bullish set-up. In short, the stock has higher relative strength and is near the pivot level. A move above Rs.1694 is positive, and it can test Rs.1740. Maintain a stop loss at Rs.1666. 

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Market Outlook for 28 September 2023

Our markets witnessed higher volatility ahead of the expiry day as the Nifty breached the support of 19600 in the first hour of trade. However, the index recovered smartly from the low of 19550 and ended the day above 19700 with gains of a quarter of a percent.

  • Sep 27, 2023
The Superstar Portfolio: A Look into LIC's Investment Strategy

What is LIC? Life Insurance Corporation of India (LIC), often hailed as the country's biggest Domestic Institutional Investor (DII), is a financial juggernaut that manages equity assets worth a staggering Rs. 11.16 lakh crore. LIC is not just an insurance giant; it's a financial powerhouse that plays a significant role in shaping India's investment landscape.

  • Sep 27, 2023
UTI Nifty 50 ETF Face Value Split: What It Means for You?

Exchange-Traded Funds (ETFs) have gained immense popularity in recent years as an investment vehicle. They offer investors exposure to a diversified portfolio of assets, much like mutual funds, but with the added advantage of being traded on stock exchanges throughout the trading day. 

  • Sep 26, 2023