Best intraday stocks to watch out for on February 09
On an RBI policy day, event risk, the Bank nifty traded very much in the range.
The Nifty tested the 20DMA and failed to close above it. It just closed above the four-day high and ended the last two days of inside action. But it is still within the Budget day's range. The volume has not improved, and the open interest is also flat. On an RBI policy day, event risk, the Bank nifty traded very much in the range. As soon as the policy was announced, the Implied Volatility came sharply down, and Option premiums were eroded.
As the weekly expiry is on the cards, low IV may result in impulsive moves soon. The index closed above the short-term averages 5 and 8EMAs. The MACD line moved above the signal line and gave a fresh bullish signal. The RSI also closed above the four-day high, and it is below the 50 zone. As we mentioned earlier, the sideways action is continuing. The Nifty has formed a higher low and higher high candle and faced resistance at the 61.8% retracement level of the recent downswing. It must close above the 17872-880 zone of resistance for a positive bias. The budget high of 17972 may test by this weekend if the Nifty closes above the 20DMA. Any negative closing will extend the sideways and range.
The stock closed near the prior pivot and above the prior swing high. It is trading above all key moving averages. Today's strong move on higher volume indicates buying interest. It moved 3.21% above the 20DMA and 3.39% above the 50DMA. The moving average ribbon enters an uptrend. The MACD has given a fresh buy signal. The RSI is above the prior high and in a strong bullish signal. The Elder impulse system has formed a strong big bullish bar. It cleared the Anchored VWAP. The KST and TSI have given a fresh buy signal. In short, the stock registered a strong bullish breakout. A move above Rs 780 is positive, and it can test Rs 821. Maintain a stop loss at Rs 767.
The stock has formed a double bottom and closed at the valley point. The 20DMA acted as a resistance for the day. The RSI has developed a positive divergence. The MACD has given a fresh buy signal. The volume is higher than the previous day. The Elder impulse system has formed a strong bullish bar. The stock closed above the Anchored VWAP. The KST and the TSI indicators have given fresh bullish signals. In short, the stock has formed a bullish pattern and is about to breakout. A move above Rs 2765 is positive, and it can test Rs 2835. Maintain a stop loss at Rs 2721.
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