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

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

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 522 Views
Listen icon

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.

BRITANNIA 

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 

How do you rate this blog?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

oda_gif_reasons_colorful

About the Author

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

Disclaimer

Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
How ONDC is changing the ecommerce game in India?

One company is shaking things up in the ecommerce space. And that isn’t a flashy VC backed start-up. It's a company backed by the Indian government. I am talking about Open Network for Digital Commerce (ONDC). It has recorded a whopping 5.5 million transactions in December – its highest monthly figure since its inception.  To put this into perspective, in January of the previous year, ONDC had only logged 2,000 orders.

Analysis of Upcoming IPO - Platinum Industries Limited

What Platinum Industries Limited do? Platinum Industries Limited is stabilizer-producing firm that was founded in August 2016. firm produces lubricants, CPVC additives, & PVC stabilizers. Products from firm are utilized in packaging materials, rigid PVC foam boards, SPC floor tiles, electrical wires & cables, PVC fittings, PVC pipes, & more. Situated in Palghar, Maharashtra, company's production facility has 21,000 square feet of land.

Stock in Action – Vodafone Idea Ltd

Vodafone Idea’s Movement of Day