Best intraday stocks to watch out for on 27-April-2023
Nifty ended Wednesday's trading session with a gain of about 0.25% and it formed a higher high and higher low candle as compared to its prior trading session. As a result, it has negated the previous day's bearish implications by closing above its high.
The index is decisively above the Anchored VWAP. It has also closed above the prior breakout level. The broader market participation has improved on Wednesday. Despite these positive factors, the volume declined. Almost 50% of the volume registered in the first hour and more importantly it has closed around the 100DMA resistance.
As the Nifty is still in the previous week's range, there are no trend change signs. A decisive breakout of the last seven day's range will lead to a sharp upside. It may rest at 18115 if it closes above 17863 decisively. For now, there is no weakness visible. For now, Wednesday low 17711 will act as crucial support. As the March monthly derivative expiry is scheduled, expect wild moves, as the VIX and the Implied Volatility are at the lowest levels for the last five days. The earlier base was ten days old at the bottom. Now on the top, it has formed a base for the eight days. In the next two days, another leg of the rally will be initiated if it ends the consolidation and breaks above the 17863. Stay with the utmost caution, and volatility may hurt you.
The stock closed above the 23.6% retracement level. It formed a series of higher-low candles. The stock is trading above all key moving averages. It is above the moving average ribbon along with the MACD line above the zero line. It is 3.20% above the 20DMA and 3.3% above the 50DMA. In fact, the stock has been consolidating for the last 58 days, which is looks like a Stage-1 base. The Elder impulse system has formed a series of bullish bars. The RSI shifted its range into the strong bullish zone. It closed above the Anchored VWAP resistance. KST and the TSI indicators have been in a bullish set-up. In short, the stock came out of a long base. A move above Rs 2916 is positive, and it can test Rs 3028. Maintain a stop loss at Rs 2888.
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. Also, The
In the week gone by, Nifty traded with higher volatility as the index corrected during mid-week upto 21860, but it then witnessed a smart recovery to register new record high and the index ended the week just below 22400 with weekly gains of three-fourth of a percent.
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