Best intraday stock to watch out for on 27-March-2023
The Nifty faced resistance at 17200, as it was mentioned earlier. It made a lower low on the weekly time frame, and the sloping trendline resistance acted as a strong resistance. Weekly RSI declined below the 40 zone, showing the market's inherent weakness. For the second time, the Nifty has formed three consecutive strong weekly bearish candles after December 2022. The heavy selling pressure on Friday evidently damages the price structure. The last two days' volume is also higher, which is an indication of fresh distribution after a small retracement. During the three-day technical pullback or retracement, the Nifty failed to test the 20DMA. Interestingly, the Nifty decisively closed below the 100-week average after July 2020. This crucial moving average acted as a support during September 2020, and June 2022. The index is sustaining below the rising trendline support drawn from March 2020 lows. With a series of lower highs and lower lows, the Nifty is in a downtrend and below all meaningful supports.
The market is at a crucial juncture as the index has reached to previous major swing low. As Thursday is a holiday on account of Ram Navami, the monthly derivative expiry is a day earlier than usual. 16800-40 zone is very crucial for now. Otherwise, the decline will further sharper. Stay cautious in the coming week.
The stock closed at crucial support. It is in the counter-trend consolidation and trading in a tight range. The stock formed a strong bearish bar on Friday. It is below all key moving averages. It is 1.84% below the 20DMA and 2.85% below the 50DMA. The MACD is about to give a fresh sell signal. RSI declined below the prior low and into the bearish zone. The Elder impulse system has formed a strong bearish bar. It is below the Anchored VWAP support and Ichimoku cloud. In short, the stock is ready to break down in a consolidation. A move below Rs.1780 is negative, and it can test Rs.1721. Maintain a stop loss at Rs.1813.
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