Best intraday stocks to watch out for on February 07

Best intraday stocks to watch out for today!

by 5paisa Research Team Last Updated: Feb 08, 2023 - 10:24 am 1k Views

Nifty has formed an inside bar, as it traded within the previous day's range, mostly within the first hour's range.

For the last three days, it is trading within the Budget day range. It closed below the 8EMA and traded in the negative zone during the day. Volumes were lower on Monday, and the open interest data shows fresh shorts were built up in the system. The Nifty breadth is negative and missing the strong leaders to drive the market upside. As stated earlier, the index range will continue within the budget day range for another two days. We can expect a volatile move and range breakout on a weekly expiry day. With a sideways move, the 20DMA has flattened and is currently positioned at 17893. This may act as immediate resistance. The previous day's high (17870) and the 61.8% retracement level (17877) were at the same level. This confluence of resistance needs to be violated for a bullish move.

In any case, if the index trades negatively and closes below 17677, is a short-term negative. As mentioned earlier, the Budget day range of 17353-17972 has to be violated for a directional bias. Till then, the sideways action will continue.

Here are the best intraday stocks to watch out for on February 7 


The stock broke the base and closed in the moving average ribbon. It retraced almost 23.6% of the prior downtrend. The base breakout indicates the stock is coming out of an oversold condition. The RSI has formed a bullish divergence in the oversold zone and bounced above the prior high. It came out of a squeeze. The MACD is also has given a fresh bullish signal. It sustained above the 20DMA and traded 3.20% above it. The distance between the price and 50DMA is reduced to 3.08%. The Elder impulse has formed two successive bullish candles, while the KST and TSI have given fresh bullish signals. In short, the stock is showing signs of reversal. A move above Rs 6100 is positive, and it can test Rs 6201.


The stock has broken out of an ascending triangle with a massive volume. It sharply moved 6.49% above the 20DMA and 10.39% above the 50DMA. The MACD has given a fresh buy signal and the RSI is in a strong bullish zone. The stock retraced above the 38.2% level. The Elder impulse system has formed a stronger bullish bar and cleared the Anchored VWAP resistance. The RRG chart shows that the stock entered into a leading quadrant. In short, the stock has broken out of the Stage-1 base with a massive volume. Buy this stock above Rs 455-472 zone. Maintain a stop loss at Rs 426. The short-term target is Rs 500. Above this, it can test Rs 538.

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