Best intraday stocks to watch out for on 01March-2023

resr 5paisa Research Team

Last Updated: 7th September 2023 - 05:09 pm

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The hopes of reversal did not materialise as Nifty closed below the 200DMA and formed another lower low and lower high bar.

As it made a fresh swing low, the market is in a confirmed downtrend. The Nifty opened just below the 200DMA with a negative gap. Every effort of recovery attracted fresh selling pressure. During the morning session on Tuesday, the market breadth was positive, which kept the hope alive. But, with the consistent selling pressure, the breadth turned negative. The index collapsed by almost 200 points in just less than 90 minutes. With Tuesday's fall, the Nifty is trading below all long and short-term moving averages.

The Nifty declined for the eighth straight session and formed the ninth consecutive bearish candle. As per our expectation, the index has negated the historical fact. It closed at the previous day's low. Now, only a close above the prior day's high will signal the bounce. From now every pullback will attract selling pressure. The rallies may be due to short covering, like Adani stock rise in Tuesday's session. It is better to keep the short positions with 200DMA as a stop loss.

Here is the intraday stock to watch out for on Wednesday

BAJAJFINSV 

The stock has broken down the counter-trend consolidation with a higher volume. After two bearish doji candles, the big engulfing candle indicates more pain in the stock. It has sustained below the 20DMA for the past four days. Currently, it is trading 5.42% below the 50DMA and 2.34% below the 20DMA. The Moving average ribbon is in a downtrend and the Elder impulse system has formed consecutive bearish bars. The KST and TSI are in the bearish setup, while the MACD has given a fresh sell signal. The RSI entered into the strong bearish zone. It is also below the Ichimoku cloud. In short, the stock broke the bearish pattern. A move below Rs 1334 is negative, and it can test Rs 1289. Maintain a stop loss at Rs 1355.

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