Best intraday stocks to watch out for on 18-April-2023
On Monday, the Nifty traded in the first hour's range for the entire day and formed an open= high candle, which is called a bearish belt hold. It also formed a bearish engulfing candle.
After hanging a man candle big bearish candle, is not a good sign as it acts as reversal pattern. These two patterns signify that the market has formed a short-term swing high. Monday's price action covered the previous four days of the move. As the Nifty moved in 289 points range today, expect an inside bar action on Tuesday. Even IT stocks also may trade in the sidelines.
The Nifty has declined below the Anchored VWAP and breakout level. We can consider this a failed breakout if it sustains below the 17800-level tomorrow. The RSI is almost at the doorstep of the neutral zone again. The MACD Histogram has declined for the second day. The Stochastic oscillator has given a fresh sell signal in an extremely overbought zone, which is bearish. But the bears need to dominate with fresh selling pressure to take control of the market.
As mentioned above, the 17640 will act as crucial support for tomorrow. Only above 17800 will be positive and will resume the upward movement. The stock-specific action will continue. Focus on high relative strength stocks and avoid aggressive position size.
The stock has broken out of the 86-day cup pattern with a higher volume. It closed at a 52-week high and traded above all key moving averages. The stock is trading 8.03% above the 20DMA and 11.22% above the 50DMA. The MACD is above the signal line and zero line. The RSI is in a strong bullish zone. The Elder impulse system has formed a strong bullish bar. It also cleared the Anchored VWAP resistance and traded above the Ichimoku cloud. The KST and TSI indicators have been in a strong bullish set-up. In short, the stock has broken out of a long consolidation. A move above Rs 166 is positive, and it can test Rs 180. Maintain a stop loss at Rs 158.
DisclaimerInvestment/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.
Copper prices saw a modest 0.33% gain, reaching 722 on Thursday, as worries about a slowdown in Chinese manufacturing loomed large. The November's NBS Manufacturing PMI slipped to 49.4, the second consecutive monthly decline, heightened concerns, emphasizing the need for additional government support to fortify China's economic growth. The NBS Non-Manufacturing PMI at 50.2, reflecting the 11th month of service sector expansion, hinted at a softer pace.
- Dec 01, 2023Read More
Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.
- Dec 01, 2023Read More