Best intraday stocks to watch out for on February 08

Best intraday stock to watch out for on feb08

by 5paisa Research Team Last Updated: Feb 08, 2023 - 11:25 am 1.2k Views
Listen icon

The Nifty has formed a lower high and lower low candle as Tuesday's price action is limited to Friday's range.

This is the fourth successive day of the inside price action of the Budget day range. The price action is in line with our earlier forecast. The behaviour indicates this inside action may continue for at least another two days. The index closed below the 5EMA. With this, the index is trading below all short-term averages. It is sustaining below the 8EMA and 20DMA. The Nifty declined by 158 points from the opening highs. With some positive news flow (Fitch Report) suddenly surged to positive territory. Lack of conviction on the upside, the immediate profit booking forced to close the negative zone. The Index breadth is negative, and the Small and Midcaps also declined sharply. If the sideways action continues for more days, the breakout of the budget day range will give a shaper move in the breakout direction. At least, the index must move out of Friday's range of 17584-870. Wait for the breakout for a directional trade. Till then, apply neutral strategies in indices.


The stock closed at a new high with new high Relative Strength, showing the outperformance. It also closed at the resistance of 21-week Stage-2 consolidation. As it closed at a new pivot, trading above all short and long-term moving averages. It is 7.11% above the 50DMA and 4.53% above the 20DMA. All the averages are in the uptrend. The Elder impulse system has formed a strong bullish bar. The MACD has given a fresh buy signal. RSI is in a strong bullish zone. The TSI is also given a fresh bullish signal. In short, the stock is in a strong bullish set-up. A move above Rs 3121 is positive, and it can test Rs 3309. Maintain a stop loss at Rs 3090.


The stock has formed a descending triangle and closed at the crucial support of parallel lows. Trading below all key moving averages and moving average ribbon. It is 3.68% below the 20DMA and 6.82% below the 50DMA. The MACD is showing strong bearish momentum, and it is below the zero line. The higher volume indicates the distribution and a possible breakdown. The RSI failed to move above the 50 zone and at a critical level. The Elder impulse system has formed a strong bearish bar. The KST and the TSI are in the bearish set-up. In short, the stock is about to break down the descending triangle pattern. A move below Rs 2005 is negative, and it can test Rs 1960. Maintain a stop loss at Rs 2040.

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


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. Also, The
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Wrap-up: Tata Tech's Dazzling IPO Debut & the Tax Tale

In the heart of the bustling Indian stock market, a tale of triumph unfolded on November 30th, as Tata Technologies made an awe-inspiring debut. The curtains lifted at ₹1,200 apiece on the National Stock Exchange (NSE), casting a premium spell of 140% over the issue price of ₹500 per share. This stellar entry marked the grandest listing since November 2021, echoing through the financial corridors with waves of excitement.

Stock In Action: JSW Steel

Movement of the Day Analysis 1.    Strengths: Strong Momentum: Price above short, medium and long term from 5 days to 200 days respectively. 2.    Positive break-out. 

Swing Trading Stocks: Week of 11 December 2023

Swing Trading Stocks for the Week