Best intraday stocks to watch out for on 18-May-2023

Best intraday stocks to watch out for on 18-May-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 714 Views
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The Nifty has decisively broken the rising wedge pattern and an upward channel. It has closed at a six-day low and met 50 per cent of the wedge breakdown target. With Wednesday fall, the previous day's bearish engulfing candle got the confirmation for its implications. As we expected, it also closed below the level of 18194 and gave clear weakness signals. The Nifty registered a second consecutive distribution day. It declined below the 8EMA today. Now, the distance between Nifty and 20DMA has reduced to just 0.68%. As the mean reversion is going on, it is common to test the 20DMA of 18052 in the near term. The Elder impulse system has formed another neutral bar. By closing below the level of 18194, it made a minor low. The RSI has also got the confirmation for bearish implications of negative divergence, as it closed below the prior swing low. It declined below 60 and entered into a neutral zone. The MACD and True Strength Indicator (TSI) have given a fresh sell signal. 

With the short covering in the last hour, the Nifty recovered 66 points from the day's low. Now only a move above Wednesday high of 18309 will be positive. Expect volatility and smaller pullbacks as the weekly derivative expiry is in place. On the downside, the 18089-52 zone is a crucial support for now. 


The stock has broken out of a seven days flat base with a higher volume than the previous day. It formed a strong bull candle. It registered a high closing at the series of previous resistances. It is trading above all key moving averages. It is trading 4.64% above the 20DMA and 7.74% above the 50DMA. The MACD line is above the zero line and signal line. The RSI is also in the strong bullish zone during this base formation. The Elder impulse system has formed a strong bullish bar. KST and the TSI indicators have been in a bullish set-up. It cleared the Anchored VWAP resistance. In short, the stock has registered a breakout. A move above Rs.2117 is positive, and it can test Rs.2150. Maintain a stop loss at Rs.2100.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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