Best intraday stock to watch out for on 3-May-2023

Best intraday stock to watch out for on 3-May-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 548 Views
Listen icon

The Nifty has opened with a positive gap, above the previous day's high. The index has rallied over 600 points in the last six days. On Tuesday, it traded mostly traded within the first hour's range. It has formed a small body candle. In any case, the Nifty opens with a gap down, and closes in red it will be a weaker sign, and Tuesday’s candle in that case is likely to be an evening star candle. Volumes were lower than the previous day. During the last hour, the index declined by over 50 points. Other than the first and last hours, the index has traded in a tight range.   

Many of the sector indices also traded in the first-hour range. The FinNifty closed near the day's range. Tuesday’s rally was supported by IT and Metals. The broader market also participates in the rally as the Nifty 500 ended up by over 0.50%. On an hourly chart, for the first time in the last six days of the rally, it has formed a rectangle base with a parallel high. The RSI is declining from an extremely overbought condition. The daily 14-period RSI is also in an overbought condition. 

Generally, the evening star candle gets confirmation for bearish implications only if the next candle opens with a gap down and closes negatively. The interesting development is that, on the market rally, the VIX is up by over 10% at one point in time. Finally, it closed with an 8.68% spurt and settled at 11.89. This is not a good sign. The Fed's decision will be crucial for the next 2 - 3 days. On the upside 18180-300 zone will be a crucial resistance zone. In any case, the Nifty decline below 18100 is an early sign of weakness. Stay cautiously optimistic for now.   

MTAR Technologies 

Technically, the stock is trading at the 20-week, Stage 1B consolidation pivot level. Its price relative strength (RS) line is at a new high, indicating outperformance compared to the broader market. It closed above the 38.2% retracement level of the prior downtrend. It is currently trading above the prior minor swing high. The stock is above all the key moving averages. 

It is 7.85% above the 50 DMA and 13.86% above the 200 DMA. Both the averages are in an uptrend. The weekly MACD has given a fresh buy signal and the RSI has shifted its range into a strong bullish zone. For the last two weeks, the volumes have been above average. It cleared the anchored VWAP resistance. The Elder Impulse System has formed a strong bullish bar. In short, the stock is trading at the pivot level in the ideal buying range. Buy this stock in the range of Rs 1880-1920 Maintain stop loss at Rs 1,810 . The short-term target is Rs 2,044 and in the medium term it can test Rs 2,260 

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Market Outlook for 11 December to 15 December

The Nifty index soared to a historic high of 21006.10 on December 8, following a brief pause in the previous session. The catalyst for this surge was the Reserve Bank of India's decision to maintain the repo rate at 6.5 percent for the fifth consecutive time. Governor Das, in his speech, emphasized the robust fundamentals of the Indian economy, citing healthier balance sheets of banks and corporate firms.

India's GDP is growing, did you get an appraisal?

“India will become the third largest economy by 2030”, said a report recently released by S&P Global. People buzzed about this news right away. While other countries are struggling with inflation and recession, India seems to be heading towards economic greatness. According to S&P, India is set to grow by 7 percent in the fiscal year 2026-27 and become the third-largest economy by 2030. 

Stock In Action: Tata Power

Movement of the Day