Best intraday stocks to watch out for on 5-May-2023
The Nifty formed a sizable bullish candle and climbed above the Tuesday high.
Tuesday’s move not only erased all event risk fears but also helped Nifty to reclaim its important psychological mark of 18,200. It has also closed above the February 16 and January 24 swing highs. Interestingly it also cleared the previous resistances of April 04, 2022, and September 14 swing highs. Now, it can test the level of 18446, which is a 78.6% retracement of the prior downtrend. The 75 sessions of the downtrend have been retraced by 70% in just 28 sessions.
The Nifty rallied by 8% in just 21 days (Fibonacci Numbers). The index also extended its move over 61.8% of the prior swings. After this huge rally, it needs to consolidate to continue the strong uptrend. Price always moves in trends and in a staircase manner. The RSI and MACD lines are in overbought condition or over-extended. The index is now 4.1% above the 50 DMA and 2.7% above the 20 DMA. As the index moved at a distance from the mean levels, we may see some consolidation in the near term. The Nifty also closed above the upper Bollinger band, which is also an indication of price over-extension from the mean level. If the rally continues, it needs to sustain above the 18240 level on a weekly closing basis. The 18446 level may act as immediate resistance. Only in case of a decline below Wednesday's low 18042, we may expect some retracement. As many stocks registered a monthly breakout, expect more positive action will come. Ride the trend until there is clear evidence of reversal.
The stock has cleared the sloping trendline resistance, which resulted in a channel breakout. It also closed above the 50DMA with a higher volume than the previous day. It is trading 2.15% above the 20DMA. The MACD line is above the zero line, and the histogram shows a strong momentum. The RSI is near the strong bullish zone. The Elder impulse system has formed bullish bars. The KST and the TSI indicators are in a bullish set-up. In short, the stock has registered a breakout. A move above Rs 193 is positive, and it can test Rs 204. Maintain a stop loss at Rs 188
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The IPO of Marinetrans India Ltd opened for subscription on 30th November 2023 and closed for subscription on 05th December 2023. The stock of Marinetrans India Ltd has a face value of ₹10 per share and it is a fixed price issue; with the price already set at ₹26 per share for the IPO. The Marinetrans India IPO has only a fresh issue component with no offer for sale (OFS) portion.
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