Best intraday stocks to watch out for on 20-April-2023

Best intraday stocks to watch out for on 20-April-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 966 Views
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The Nifty declined for the third straight day on Wednesday and formed a lower low and lower high bar. But it is still within the Monday range. The index has taken support for the second day on 200DMA in the last three days. A decline below the level of 17587-574 support and a negative close for the fourth consecutive day will indicate the reversal of the nine-day impulsive rally. Importantly, the Nifty closed below the 23.6% retracement level of the prior upswing. On an hourly chart, the index declined below the moving average ribbon, along with the MACD line below the zero line. The hourly RSI sustained below its 20 periods average. Wednesday's decline with higher volume than the previous day is another negative fact. The market breadth turned negative. The Metal index gained a little over half a per cent. This indicates that none of the sectors are in a position to lead the market. The day's range shrunk to just 86 points. 

If the index closes below 17574, it may test the 50DMA of 17508 in a faster manner. A close above 17667 is positive, and the consolidation will continue within the Monday range for another one or two days. 

HCLTECH 

The stock has declined sharply to the parallel support. It formed a sizable bearish candle. it is trading below all the key moving averages. Currently, it is trading 3.65% below the 20DMA and 5.56% below the 50DMA. 

All the key moving averages are in the downtrend. The MACD line is below the signal line and zero line, showing an increased bearish momentum. RSI is also at the doorstep of the bearish zone. The Elder impulse system has formed a strong bearish bar. It declined below the Anchored VWAP support. It is also below the Ichimoku cloud. The KST and the TSI indicators have been in a bearish setup. In short, the stock is in a strong bearish mode. A move below Rs.1039 is negative, and it can test Rs.1000 and Rs.980. Maintain a stop loss at Rs.1050. 

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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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