Best intraday stocks to watch out for on 11-May-2023
The Nifty recovered over 200 points from the day's low and formed a dragonfly doji candle on Wednesday.
The benchmark index opened with a 45 points positive gap and declined sharply in the first hour. The momentum declined further, and the volume receded. The recovery was led by Auto stocks and Private sector banks. Though it recovered from the low, the Index has formed a lower low and lower high candle. If the dragonfly candle forms at the bottom, it is a sign of reversal. As per Steve Nison's doji principle, an open and close above the doji is a positive sign. As the weekly derivative expiry is scheduled, expect some wild moves.
As the Index closed above Monday's high, with a positive bias, assuming that Wednesday dip is used for buying opportunity. The daily RSI is flattened in the bullish zone. The negative divergence in an hourly chart is still intact in RSI and MACD. As the market breadth is favourable to advances, renewed buying from FIIs is positive. But, there are event risks like weekly derivative expiry and the impact of the Karnataka state elections exit poll impact on the market sentiment. The first-hour trading range will be crucial for the trend. Be neutral to positive bias for the expiry day.
The stock closed at the prior swing highs with higher volume. It retraced more than 50 per cent of the prior fall. As it formed a strong bull candle with high volume shows buying interest. The 20 DMA crossed the 50 DMA is short-term positive. The MACD line is above the zero line and shows a strong bullish momentum. The RSI tested the 60, and bounced into the strong bullish zone. The Elder impulse system has formed a strong bullish bar. The stock is trading above the Ichimoku cloud and the above the Anchored VWAP. The KST and the TSI indicators have been in the strong bullish zone. In short, the stock is on the verge of a breakout. A move above Rs 3840 is positive, and it can test Rs 3915. Maintain a stop loss at Rs 3790. Above RS 3915 continue with a trailing stop loss.
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