Best intraday stocks to watch out for on February 17
Nifty opened with a big gap up and traded above the 50DMA during yesterday's session.
Selling pressure in the last 30 minutes of trading, resulted in filling the opening upside gap. and at the same time, the index closed below its 50DMA. It has formed a strong bearish candle at the slopping trend line resistance. However, we need to wait for the weekly closing to get confirmation of bearishness, if we do not get bearish confirmation, Nifty is likely to head towards the level of 18265 in a faster manner. But, in any case, the Nifty opens with a gap down and closes negatively, which will confirm the bearish implications in that case we can test 20DMA.
For an uptrend to continue, the 20DMA has to be in an uptrend. The immediate support is at 17950 and today's low (18000) is also a support. Below this zone, the index may test the 17856 in the sharp move.
The stock has broken the descending triangle. For the last three days, the volume recording above average confirms the breakdown. It is trading below all key moving averages. The moving average ribbon is in the downtrend. Trading 2.46% below the 20 DMA and 3.35% below the 50 DMA. After a prolonged flat momentum, the MACD has declined below the zero line. The RSI has also formed lower highs and lower lows. The Elder impulse system has formed a series of bearish bars and closed below the Anchored VWAP support. The KST and TSI have been in the bearish setup. In short, the stock broke down the bearish pattern with higher volume. A move below Rs 2525 is negative, and it can test Rs 2435. Maintain a stop loss at Rs 2550.
The stock has formed a bottom after a serious downtrend. It closed at the resistance and 23.6% of the prior swing. It also closed above the 20 DMA. For the two days, the higher volume indicates buyer interest. The RSI has got the confirmation for a bullish divergence. The MACD line is rising and shows improved bullish momentum, while the Elder impulse system has formed a bullish bar. The KST and TSI are in bullish mode. In short, the stock is coming out of the downtrend. A move above Rs 245 is positive, and it can test Rs 255. Maintain a stop loss at Rs 237.
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