Best intraday stocks to watch out for on 05-April-2023
On Monday, the Nifty opened with a 68-point gap up, however, it marked open as the day's high and closed below the opening level.
Even though a majority of sector indices and the broader market participated in Monday's up move, meanwhile talking about volume, volumes further declined.
Monday's price structure looks like a hanging man, which is bearish. The index traded within the first hour's range for the day. But, it closed above the previous day's high, which is a positive sign. It also closed above the 34EMA. The Bank Nifty tested the sloping trend line resistance and the March 10 gap area. It also closed above the previous day's high and above the 50DMA. These two major indices closed positively, but the Nifty underperformed compared to the Bank Nifty. Both indices have formed hanging man candles. Let us wait and watch whether these patterns lead to exhaustion or not. The deceleration in volume on a price rise is not a good sign.
As mentioned earlier, the 50DMA and the channel resistances are crucial for an uptrend to continue. The Nifty also tested the 61.8% retracement level (17428) of the prior downswing. This means the index has met the measured target of a counter-trend. The gap area resistance and the 78.6% retracement levels are at the same level of 17592. During this truncated week, The Nifty may trade in a tight range for the next two trading sessions. Options sellers are likely to rule the market this week.
Here is the best intraday stock
The stock closed above the prior swing highs and tested the 50% retracement level of the prior fall. It is trading above the key moving averages. It is 3.78% above the 20DMA and 3.35% above the 50DMA. It is decisively above the moving average ribbon. It cleared the Anchored VWAP resistance. The MACD has given a fresh buy signal. The RSI is at the doorstep of a strong bullish zone. The Elder impulse system has formed strong bullish bars. The KST is about to give a bullish signal. The Relative Strength and momentum are above the 100 zone in the RRG chart, showing the stock is in the leading quadrant. In short, the stock is trading above the crucial resistances. A move above Rs 782 is positive, and it can test Rs 800. Maintain a stop loss at Rs 770.
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