Best intraday stock to watch out for on 17-March-2023

Best intraday stock to watch out for on 17-March-2023

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 601 Views

The benchmark index made an attempt to bounce from the lower levels. But it fell below the channel support line and has formed a long-legged Doji candle at the bottom. Going forward, a positive closing will result in a reversal on the upside as it would act as a confirmation. 

The RSI is showing signs of positive divergence. Although the momentum is still bearish, there is a chance of a technical bounce. Thursday's low is the most important, as it recovered more than 100 points from the days low. The fall in many sectoral indices also paused for now. Only the Metals and IT index were weak on Thursday. The index breadth is positive, and volumes were higher than in the last six days. As the price did not fall more than 0.25 per cent on higher volume, we can assume that it is not distribution; it might be an accumulation at the lower levels. Most importantly, the Nifty closed almost at the opening level. This confirms the renewed buying interest at the lower levels. On an hourly chart, the RSI came out of a squeeze in an oversold zone. This is the main reason for today's bounce from the lower levels. If today's low of 16850 is protected and a close above 17075 will be positive for the markets. Above 17075, it can test 17213 initially and can retrace 50 per cent of the current downswing, which means it can test the 17325. It is better to avoid fresh shorts and stay away from highly leveraged positions. The news flow from the global market is key for sentiments. 


The stock is forming a bottom between Rs.1420-1477 zone. It closed above the 20DMA with a higher volume and closed at the resistance of the sloping trendline. It also closed above the Anchored VWAP support. The RSI shows a positive divergence and moved into the above 40 zone. The MACD line is above the signal line, and the histogram shows an improved momentum. The Elder impulse system has formed a bullish bar. The KST and TSI have been in the bullish set-up during this base formation. In short, the stock is trying to come out of the base formation. A move above Rs.1464 is positive, and it can test Rs.1477. Maintain a stop loss at Rs.1450.

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