Best intraday stocks to watch out for on 26-April-2023

Best intraday stocks to watch out for on 26-April-2023

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 624 Views
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Nifty has formed an indecisive candlestick pattern on the daily chart. This indecisive candle is formed right at the Anchored VWAP resistance. 

After Monday big positive day, the indecisive candle shows that there is tug of war between the bulls and bears. The index also faced resistance at the previous breakout level. Though the volumes were higher in the last six days, it could be an indication of distribution. 

On an hourly, the last two bars indicate the bear domination. The hourly RSI declined below its 20-period average. The histogram shows the momentum has completely waned. Interestingly, the Nifty is still trading within the last Monday's range for six days. Another frontline index, Bank Nifty, also has formed an indecisive candle. The Bank Nifty volume indicates the distribution. On Tuesday, HDFC group stocks have given strength to the bears. None of the sector index gained at least 1%.

If the Nifty close above 17776 decisively, it can test 18000-115, where it can form the right shoulder's top. The market is still in the rally attempt mode. Whatever the rally we are experiencing, it is still a bear market rally. A strong negative with high volume will indicate the reversal. The 17775-863 zone is crucial resistance for the short term.

On the downside, the 200DMA of 17624 is the key support. As the momentum is waning, avoid trading in indexes, and focus on stocks with strong relative strength.

BRITANNIA 

The stock has broken out of an inverted head and shoulder pattern with high volume. It has formed higher lows and broken out of a base. It is trading above all key moving averages. It is 2.23% above the 50DMA and 3.80% above the 20DMA. It is also above the moving average ribbon along with the MACD line just above the zero line. The histogram shows a spurt in momentum. The RSI is about to enter the strong bullish zone. The Elder impulse system has formed a strong bullish bar. The stock also closed above the Anchored VWAP. The KST and TSI indicators are also in the bullish setup. In short, the stock has broken out of a bullish pattern with volume. A move above Rs 4405 is positive, and it can test Rs 4472 and Rs 4550. Maintain a stop loss at Rs 4360. 

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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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