Best intraday stocks to watch out for on 24-April-2023

Best intraday stock to watch out for on 24-April-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 834 Views
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The index has formed a bearish engulfing candle on a weekly chart, which indicates an halt of a upswing of over a thousand points in just nine trading sessions. As we mentioned last week, the market formed an intermediate top on Monday, and the suspicion of exhaustion last week has turned into a reality. After a positive gap opening, the Nifty declined sharply to the 200DMA support. Out of five days, it took support at 200 DMA and closed on a negative note for four days. 

Interestingly, all five days, it took support at the sloping trendline drawn from December 01, which acted as resistance earlier. Let's watch for Friday's low of 17533.95 and the 200DMA of 17605 for a directional view. In any case, the Nifty closes below this zone; the immediate support is at 50DMA, which is at 17504. It means, for the near term, the 17504-605 range will act as support. 

The Nifty closed below the 23.6% retracement level of the nine-day upswing. It traded mostly in the Monday range except for a few minutes on Friday. As it has already broke the Monday range on the downside, it came out of an mother bar, which is technically a breakdown. During the first two days of the week, the Nifty has formed open high candles, also called a bearish belt hold. Later three days of price action is just around the 100 points range. The pattern analysis shows that the Monday high of 17863 is the intermediated top. Only above this level, the view will be negated. As mentioned above, if the Nifty closes below the Friday low of 17553, we can consider that the previous week's breakout is a failed one. 


The stock has formed a strong bearish bar with a massive volume. It closed below the 8EMA. It just closed on the 23.6% retracement level support. It also took support from the previous resistance line. It is currently trading 2.07% above the 20DMA. The MACD is about to give a bearish signal. The RSI declined into a neutral zone. The stock registered a distribution day after facing resistance at Anchored VWAP for two consecutive days. The Elder impulse system has formed a neutral bar. The Stochastic oscillator has given a fresh sell signal. In short, the stock is showing early signs of reversal. A move below 440 is negative, and it can test Rs.421. Maintain a stop loss at Rs.446.

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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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