Best intraday stocks to watch out for on 06-April-2023

Best intraday stock to watch out for on 6-April-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 614 Views
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Nifty rallied higher for the fourth successive day on Wednesday and closed above the 50 DMA on a higher volume than the previous day. It also closed above the 200DMA and 200 EMA.

Now, these three moving averages are at a confluence point. It also cleared the 61.8% retracement of the prior swing and tested the channel resistance line.

On an hourly chart, the index has made higher highs candles. But, after the first hour, volume declined, which is a concern and raised doubts about the rally. The other concern is that the India VIX is down to 12.42 it is at the lowest level after March 03. Even the Implied Volatility also declined to 10.82. Normally, the VIX has an inverse relationship with the benchmark index.

Importantly, the Nifty has closed near the channel resistance, and it has met all the measured targets. As projected earlier, targets of 17500-590 were achieved. Now, a close above 17592 would indicate the continuation of the rally towards the previous high of 18000 after one or two days of decline. On the downside, a close below the prior day's low will be negative. The nature of these declines is crucial for a directional view. The RSI is still below the strong bullish zone. MACD shows bullish momentum. As the first weekly expiry this financial year, the long weekend may result in the profit booking. Keep the stop losses tight. 

Here is the best intraday stock to watch out for


The stock closed above the prior swing high and broke out of a double-bottom pattern. It recorded a higher volume in the recent time. Trading above all key moving averages. It is above the moving average ribbon. The stock is trading 5.59% above the 50DMA and 4.6% above the 20DMA. Both the averages are in the uptrend. The MACD shows a strong bullish momentum, and the RSI is in a strong bullish zone. The stock is in the leading quadrant. The KST and TSI have been in a bullish set-up and is also above the Anchored VWAP. In short, the stock has broken out of a bullish pattern and a tight range. A move above Rs 2575 is positive, and can test Rs 2593. Maintain a stop loss at Rs 2560.

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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.
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