Best intraday stocks to watch out for on February 15
The Nifty closed above the last Thursday's high and formed a strong bullish bar and closed above the 20DMA decisively.
Now, the Nifty is near the budget day's high of 17972. On a 0.89% gaining day, the Nifty future open interest declined by 4.28%, and it indicates the bounce is because of short covering. The Nifty futures is still below the last Thursday's high. ITC, Reliance, Adani twins, and some of the heavyweight banking stocks led the rally on Tuesday.
The RSI finally moved above the 50 zone. The MACD histogram shows regained bullish momentum. If the index sustains above this 17920, The probability of breaking out of the budget range is higher. The sloping channel resistance is placed at just above 18000. The breadth must be improved from now to confirm the broader participation in the market recovery. 17920-18000 is going to be very crucial resistance for now. Above this, the 50DMA resistance is placed at 18070. As the short covering is in full swing, it is better to wait the first 15 minutes to gauge the trend. A decline below 20 DMA (17864) will be negative again. Stay cautious.
The Stock has broken down the counter-trend consolidation with a higher volume. The 20DMA acted as a strong resistance during the consolidation. It is currently trading 5.28% below the 50DMA. All short and long-term moving averages are in the downtrend. The price is making lower highs and lower lows. The MACD line is below the zero line, and the momentum declined. The Elder impulse system has formed a strong bearish bar. It is also below the Anchored VWAP support. TSI is about to give a bearish signal. In short, the stock is in a downtrend and broke the consolidation. A move below Rs 1442 is negative, and it can test Rs 1421. Maintain a stop loss at Rs 1450.
The Stock closed above the 20DMA after a 7-day base formation. Before this, it declined by 16.77% from its recent top. The volume was also higher in the last four days. The MACD has given a fresh bullish signal. The RSI is out of the squeeze at the bottom. A strong bullish candle with higher volume shows that the bottom formation is done. After a series of neutral bars, the Elder impulse system has formed a strong bullish bar. The KST and TSI have also given a fresh bullish signal. The Relative momentum in the RRG chart crossed the 100 zone. In short, the Stock has ended its decline. A move above Rs 2380 is positive, and it can test Rs 2405. Maintain a stop loss at Rs 2360.
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Post the extended weekend, our markets started the day marginally positive and traded within a narrow range. However, the last hour of the trade witnessed good momentum and the Nifty index surpassed the recent swing high and ended tad below 19900 with gains of half a percent.
- Nov 28, 2023Read More