Best intraday stocks to watch out for on 9-May-2023

Best intraday stocks to watch out for on 9-May-2023

by Tanushree Jaiswal Last Updated: May 09, 2023 - 11:24 am 97 Views

With about 200 points rally on Monday, Nifty has crossed the last Thursday's high. It erased all the losses of Friday and negated the bearish candle's implications. 

 Now, the Nifty has closed on the December 30, 2022 swing. But the cash volume recorded was less than the previous day. 

Over the last four trading sessions, volumes have been below average. The Nifty has been trading in the range of 18065-18265 for the last five days. As it closed at the upper band of the range, a breakout from hereon will result in a sharp move on the upside towards the level of 18474. Only if it breaks below the level of 18055, we are likely to see some serious profit booking. Within this zone, stock-specific activity will continue. The RSI is at 68.28, which developed a minor negative divergence. MACD histogram is flat and shows stagnation in momentum. The index closed at the upper Bollinger band. 

Currently, the index is trading 2.33% above the 20DMA. On Thursday, it was 2.68% above the 20DMA, which shows that Friday's fall created some more space to move higher. For now, it is better to avoid shorting opportunity as long as it trades above the level of 18055. Only below this level adopt a negative or a bearish view on market. 


The stock closed above the prior swing highs and broke out of a five-week flat base. The volume is higher than in the last six days. It is trading above all key moving averages. It is trading 3.45% above the 20DMA and 4.94% above the 50DMA. MACD line is above the signal and zero line. Histogram shows a strong bullish momentum. The RSI is in the strong bullish zone. It is trading much above the Anchored VWAP. It is also above the Ichimoku cloud. The KST is about to give a bullish signal, and the TSI is already given the bullish signal. In short, the stock is above the prior pivot. A move above Rs 775 is positive, and it can test Rs 810. Maintain a stop loss at Rs 766. 

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


Investment/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.

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