Best intraday stocks to watch out for on 16-May-2023

Best intraday stocks to watch out for on 16-May-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 801 Views
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Nifty closed above the prior day's high. 

Though the Nifty witnessed some profit booking in the late session, it closed above the first hour's range. Interestingly, the India VIX also rose by 2.22%. Volumes were lower than the previous day. Going forward, a close below Monday's low of 18287, will be negative for the direction. At the swing, high, with a slow momentum, and low VIX are not a good sign. A sustained low VIX period for a longer period hint at some challenges for the bulls. Even on the bullish closings, the Elder impulse system has formed another neutral bar. The upper Bollinger band shows an extension of the trend and expect a consolidation. The MACD line is not showing any increase in momentum. The Nifty closed at the highest level after December 20, 2022. 

During the current upswing, many bearish patterns and signals failed to get confirmations. This time too, only on confirmation of reversal, we assume that the index has made an intermediate high. Until then, be with a positive bias. As mentioned earlier, a close below the prior bar low will be the first sign of weakness. Only a close below 18055, which is a minor low, is an indication of a trend reversal. Stay cautious and maintain strict stop losses.


the stock has stuck in the range for the past 41 days, and it closed near the resistance. It closed above the moving average ribbon decisively, along with MACD bullish signal above the zero line, which is a positive sign. The Anchored VWAP has been acting as strong support during the last 41-day consolidation. The stock is 2.18% above the 50DMA and 2.30% above the 20DMA. The Elder impulse system has formed a strong bullish bar. The KST and TSI have also given a fresh buy signal. It just closed above the Ichimoku cloud. In short, the stock is ready to register a breakout. A move above Rs 1367 is positive, and it can test Rs 1390 and Rs 1420. maintain a stop loss at Rs 1343.

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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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