Best intraday stocks to watch out for on February 16

Best intraday stock to watch out for on feb 16

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 512 Views

Nifty has successfully closed above the Budget day high after 13 sessions reaching the sloping channel resistance line. It closed above the 20DMA for the second successive day. 

 The strong bullish bar on the second day is has boosted the positive sentiments. Interestingly, the Nifty also closed above the 20-week average, which is positive for the trend. The index opened on a negative note, and it was sharply up in the late afternoon. It reached near the 50DMA (18057). The 18034-57 zone will be crucial resistance for tomorrow. The MACD shows increased bullish momentum, and the RSI is near the bullish zone.

As the weekly expiry is on the cards, wild and erratic price movement can be seen. Lower Nifty futures volume is another worry. Open interest is almost flat. The Nifty PCR increased to 1.26, which is a short-term negative. As the Nifty has registered a breakout of a range, be with a positive bias, and keep in mind the 50DMA resistance. Let us hope the market may test 18265 if it sustains above the 50DMA.

INDIGO

The stock closed below the prior parallel low and below the key moving averages. The decline in a high volume indicates the distribution or selling pressure. It is trading below all key moving averages. The moving average ribbon turned into a downtrend. It is 3.4% below the 50DMA and 4.71% below the 20DMA. The KST and the TSI indicators in the bearish set-up, while the Elder impulse system has formed strong bearish bars. It also declined below the Anchored VWAP. The RSI is below 40 and entered the bearish zone. MACD also declined below the zero line, indicating further weakness. In short, the stock broke the topping formation. A move below Rs 1986 is negative, and it can test Rs 1928. Maintain a stop loss at Rs 2007.

SHREECEM 

The stock closed at three-month parallel resistances and at a new pivot. It formed a strong bullish bar and registered a new high close. All the short, and long-term averages are in the uptrend. It is trading 4.79% above the 20DMA and 4.41% above the 50DMA. The Elder impulse system has formed consecutive bullish bars. It cleared the Anchored VWAP resistance. RSI is at the doorstep of a strong bullish zone. MACD shows improved bullish momentum. The KST and TSI indicators have been in a bullish set-up. In short, the stock is ready to register a strong breakout. A move above Rs 24734 is positive, and it can test Rs 25550. Maintain a stop loss at Rs 24580. 

How do you rate this blog?

or

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.

Disclaimer

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.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
UTI Nifty 50 ETF Face Value Split: What It Means for You?

Exchange-Traded Funds (ETFs) have gained immense popularity in recent years as an investment vehicle. They offer investors exposure to a diversified portfolio of assets, much like mutual funds, but with the added advantage of being traded on stock exchanges throughout the trading day. 

  • Sep 26, 2023
Top 5 Luxury Brands in India in 2023

In a world grappling with economic downturns, India stands tall as a beacon of economic growth and potential. With an estimated 7% growth rate in 2023, India is poised to become the fifth-largest economy globally. The Indian luxury market is not far behind in this remarkable growth story.  Recent reports suggest that India's luxury market is set to soar to unprecedented heights, offering a lucrative playground for both domestic and international brands.

  • Sep 26, 2023
Marco Cables & Conductors IPO: How to check the Allotment Status

The IPO of Marco Cables & Conductors Ltd has a fresh issue component and also an offer for sale (OFS) portion. As part of the fresh issue portion of the IPO, Marco Cables & Conductors Ltd issued a total of 26,01,000 shares (26.01 lakh shares), which at the fixed IPO price of ₹36 per share aggregates to a total fund raising of ₹9.36 crore.

  • Sep 26, 2023