Best intraday stocks to watch out for on 11-April-2023

Tanushree Jaiswal Tanushree Jaiswal

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

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The Nifty opened higher on Monday and met our target of 17700. It did not sustain at the higher levels as profit booking was seen at higher levels.

The Nifty has formed a shooting star like candle just above the sloping channel resistance line. As suspected last week, the index is clearly showing exhaustion. The shooting star like candle is an indication of tiredness in the trend.

In any case, the index opens negative and closes below 17600 could act as a first sign of reversal. The Nifty also closed below the opening level and near the day's low. Volumes were recorded as highest in the last four days, indicating profit booking and distribution.

The heavy-weight sectors like Financials, and FMCG ended in negative terrain. Currently, the Nifty is trading above all key moving averages, and all the indicators are showing bullishness. But Monday's fall is led by index-heavy weight sectors, banking and financial stocks. The Bank Nifty has formed a bearish engulfing pattern, and the FinNifty formed a dark cloud cover. For existing long positions, Monday's low 17597 is a crucial support. It is better to avoid fresh long positions.


The stock has closed at the seven-week flat base resistance. Its price Relative Strength line is also at a new high, showing an outperformance compared to the broader market. It is trading just 1% to the pivot and above all key moving averages. It is trading 3.31% above the 50DMA and 1.62% above the 20DMA. The MACD has given a fresh buy signal, and the RSI is in a strong bullish zone. The Elder impulse system has formed strong bullish bars. It is trading above the Anchored VWAP and Ichimoku cloud. In short, the stock is getting ready to break out. A move above Rs 293 is positive, and it can test Rs 420. Maintain a stop loss at Rs 381

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