Best intraday stocks to watch out for on February 14
After two consecutive indecisive doji candles, the strong bearish candle indicates the reversal.
Nifty closed below Thursday's low and below the moving average ribbon on the hourly chart. The 20DMA acted as strong resistance again. This breakdown erased the hopes of an upside move. It tested the four-day low, and the late afternoon recovery failed to sustain till the end of the day. The momentum picked up on the downside. On an hourly chart, the MACD line is decisively below the zero line, which is negative for the market. Currently, the Nifty is below all short and medium-term averages. In any case, if the Nifty failed to close above the Thursday high of 17916, it will quash the probability of breaking out of the Budget day range on the upside. The 100DMA resistance is at 17945. The confluence of resistance is placed at the 17916-972 zone, which may be a herculean task to break. In such case, the low of the range, 17353 and the 200DMA, 17317, will be tested in the next 3-4 days. This is the eighth day of trading in the budget day's range. Longer sideways price actions will lead to a higher impulsive move.
Here are the intraday stocks to watch out for on Tuesday
The stock has registered the lowest closing after April 2021. It is in a breaking down mode and trading below all the moving averages and all moving averages are in the downtrend. It is 22.06% below the 50DMA and 12.28% below the 20DMA. The Elder impulse system has formed a strong bearish bar and broke below the Anchored VWAP support. The KST and the TSI are also in bearish mode, while the histogram shows an increased bearish momentum. RSI declined below 30 and showed an end to the counter-trend consolidation. The volume is higher than the previous day, and the stock is in a strong downtrend. In short, the stock closed at the new. A move below Rs 1828 is negative, and it can test Rs 1700. Maintain a stop loss at Rs 1840.
The stock has broken out of a five-day tight base closing below the sloping trendline resistance. It closed above the moving average ribbon. The Bollinger bands are expanding, trading 4.74% above the 20DMA. It is closed 1.40% above the 50DMA. The Elder impulse system has formed a strong bullish bar, while the volumes are higher than in the last five days. The RSI enters into a strong bullish zone. The KST has given a bullish signal. Chande Trend Meter is about to enter the strong bullish zone. The Anchored VWAP resistance and the sloping trendline resistance are at a similar place at Rs.2535. In short, the stock is in a strong bullish set-up. A move above Rs 2535 is positive, and it can test Rs 2635. Maintain a stop loss at Rs 2483.
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