Best intraday stocks to watch out for on 25-April-2023
and Financial services stock helped the Nifty to rally above the three-day high.
Soon after opening on Monday, the Nifty declined sharply, and it tested the 200DMA support once again. The 200DMA acted as a support for the fifth time in the last six days.
After taking support at the 200DMA there was no looking back and Nifty went from strength to strength to close at day's high and, it erased the tight range indecisiveness which shows that the bulls are back in control. The volume was also higher in three days. It reached near Anchored VWAP resistance (17775). A close above this will confirm the resumption of an uptrend. The last week's high is at 17863, which is the next level of resistance. The previous breakout level is at 17800. This zone of 17775-863 will be a litmus test for the bulls to cross. On Monday, the Nifty has faced resistance at the 61.8% retracement level of last Monday's move. If it closes above the 17775, we can get an early confirmation for an upswing. The RSI entered a strong bullish zone again. The momentum is below the 100 zone, and the Relative Strength is declining in RRG charts, which is a worry. The rollovers are crucial for the trend as the monthly expiry is nearing. It is better to focus on stocks than the indices.
The stock has broken out of a cup and handle pattern. For the last two days, volumes recorded higher and above average. It closed above the prior swing high and 50DMA decisively. During the handle formation, it traded much above the 20DMA. The MACD line is above the zero line, and the histogram shows an increased momentum. The RSI enters the strong bullish zone. The Elder impulse system has formed a bullish bar. It cleared the Anchored VWAP resistance and entered the Ichimoku cloud. In short, the stock has registered a bullish breakout. A move above Rs 2500 is positive, and it can test Rs 2590. Maintain a stop loss at Rs 2478.
DisclaimerInvestment/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.
Copper prices saw a modest 0.33% gain, reaching 722 on Thursday, as worries about a slowdown in Chinese manufacturing loomed large. The November's NBS Manufacturing PMI slipped to 49.4, the second consecutive monthly decline, heightened concerns, emphasizing the need for additional government support to fortify China's economic growth. The NBS Non-Manufacturing PMI at 50.2, reflecting the 11th month of service sector expansion, hinted at a softer pace.
- Dec 01, 2023Read More
Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.
- Dec 01, 2023Read More