Best intraday stocks to watch out for on 24-May-2023
On Tuesday, Nifty opened with a positive gap and for majority part of the trading session, it traded sideways.
During the last 45 minutes, it witnessed a sharp profit booking and declined 54 points. It formed a shooting star candle almost at the previous swing high. A rejection from previous high close is a sign of caution. The way it fell showed an intense profit booking. After two days of a sharp rally, the IT stocks fell because of the profit booking. The opening gap in the Nifty filled in the last half-hour decline. The daily RSI flattened for the second day and may enter the neutral zone if the index continues its decline. The MACD and Signal lines move parallelly and do not show any momentum strength. On an hourly chart, after a series of indecisive bars, the Nifty declined sharply into the moving average ribbon.
The hourly RSI is also declined near to the bearish zone from a strong bullish zone. Even the Bank Nifty closed below the opening level and formed a bearish candle. Two before the expiry, two major indices formed bearish candles. The next two days of trading will be tricky and may increase in volatility. The broader index, Nifty 500, outperformed because of small and midcap stocks rally. Focus on selective stocks and maintain the risk management.
The stock has formed a long upper shadow candle for the second successive day. At the same time, it has been forming a parallel low at Rs 4484 for the last three days. The stock closed in the moving average ribbon. It is 0.66% below the 20DMA. The MACD line has been below the signal line for the last three days. The Elder impulse system has formed four consecutive bearish bars. The RSI is in the neutral zone. The KST has given a fresh sell signal. The TSI indicator is also in bearish mode. In short, the stock is at a crucial support on a bearish setup. A move below Rs 4484 is negative, and it can test Rs 4386. Maintain a stop loss at Rs 4521
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