Best intraday stocks to watch out for on 4-May-2023
On Wednesday, the opening gap was filled in the second half of the trading session, but Nifty failed to sustain above 18100 mark and it closed at level of 18089.85.
Going forward, expect 3-5 days of countertrend. Only in case of a strong close above the recent swing high the bearish view should be negated. The long shadow candles on an hourly show that the bulls and bears had fought over the price discovery. The volumes were much lower than the previous day, which is not an indication of distribution. After the first hour of trading, volume dried up. On Wednesday also, most of the price action is limited to the first-hour range. Like the price, the RSI has also formed a swing high. The hourly RSI declined near the neutral zone. The hourly MACD line is below the signal line. For traders, who are still holding their long position the level of 18040 is a crucial level to watch out.
The stock of Chambal Fertilisers has broken out an inverted head and shoulders pattern, with higher volume in the previous three trading sessions. After a 32% decline, it had formed a base and registered a breakout. The stock is trading above all its key moving averages. It is trading above the moving average ribbon. Currently, it is 5.23% above the 20DMA and 5.79% above the 50DMA. The 14-period RSI is above the prior swing high and in a bullish territory. The MACD line is above the zero line. The Elder impulse system has formed a series of bullish bars. KST and TSI indicators have been in the bullish zone. It just closed above the Ichimoku cloud. In short, the stock has registered a bullish breakout after a decent base formation. A move above Rs 295 is positive, and it can test Rs 305. Maintain a stop loss at Rs 289.
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- Dec 04, 2023Read More