Tanushree Jaiswal Tanushree Jaiswal 7th September 2023

Best intraday stocks to watch out for on 23-May-2023

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Nifty moved above the four-day high and closed near days high on Monday. It formed a strong bullish candle with the help of the IT stocks rally. 

Adani Twins and Metals also participated in Monday's rally. In the afternoon session, the Nifty traded in the range, as the rally 150 points rally happened in the morning session. The hourly RSI has flattened was flatter for the whole day. Even after 111 points rally, the daily MACD line is still below the signal line. The Nifty erased most of its last week's losses. It retraced 61.8% of the prior fall and closed just below it. If the index is able to close above 18406 decisively on an hourly basis, it is likely to test the prior swing high of 18458. But, an hourly closing below the level of 18260, with a high volume, will be negative. 

As it retraced 61.8%, the bearishness is almost vanished. Now the 18060-458 range is crucial for the index for a directional bias. Either side breakout will attract the volumes. The Beaten Down sector index Nifty IT erased last month's losses and closed almost at the previous swing high is a positive for the market. As the monthly expiry is nearing, the VIX also began to rise mildly; any sharp spike is not good. For now, stay on a minimal position size. Focus on IT and Metal stocks which are in good shape and registered breakouts. 

INFOSYS 

The stock has broken out of a 24-day, ascending triangle. Post results fall, it made higher lows, and with today's move, it formed a higher high. For the last today, the stock sustained above the 20DMA, and the Bollinger bands started expanding after tight contraction. Currently, it is trading 2.73% above the 20DMA. The MACD line is above the signal line, and the histogram shows an increased bullish momentum. The RSI closed above the prior swing high. The Elder impulse system has formed two successive bullish candles. The KST and the TSI indicators have been in the bullish set-up. In short, the stock has broken out of a bullish pattern. A move above Rs 1293 is positive, and it can test Rs 1338. Maintain a stop loss at Rs 1274.

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