Best intraday stocks to watch out for on February 21

resr 5paisa Research Team

Last Updated: 7th September 2023 - 05:09 pm

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Nifty is holding on to the 20DMA support after a sharp decline and closed below the previous day's low.

Nifty is holding a 38.2% level of the prior up move and with Monday's move, the RSI once again declined below the 50 zone. The momentum is clearly on the downside. On an hourly chart, The Nifty failed to move above the prior bar high and declined below the moving average ribbon. The hourly MACD line is also below the zero line. As the moving average ribbon is also in the downtrend, the Nifty technically lack strength. It is 0.98% below the 50DMA. Importantly, the 50DMA is in a downtrend.

The Elder Impulse System has formed a strong bearish bar, while the Jdk-RS-Momentum declined below 100, showing that the momentum is completely on the downside. Now the 200DMA is just 2.93% away. Two consecutive bearish HeikinAshi candles also indicate the index is in the bear's grip. A move below 17836, the next support is at 17744. If the Nifty fails to close above 17950, there is the highest probability of testing 17520. For now, it is better to avoid long positions.

Here are the best intraday stocks to watch out for on Tuesday

KOTAKBANK

The stock declined below the 20DMA and prior parallel supports. It registered the highest volume in two weeks, showing the distribution and below the moving average ribbon, trading 3.22% below the 50DMA and 1.27% below the 20DMA. It is also 5.04% below the long-term average 200DMA. It closed under the Anchored VWAP support. The Elder impulse system has formed a second successive bearish bar. All the moving averages are in the downtrend and the MACD is about to give a sell signal. RSI declined below 40 and entered the bearish zone. In short, the stock is closed beneath the key supports. A move below Rs 1735 is negative, and it tests Rs 1890. Maintain a stop loss at Rs 1748.

HDFC

The stock decisively closed under the 20DMA and formed a triangle pattern. It declined 1.09% under the 20DMA and 0.39% below the 50DMA. The MACD has given a fresh sell signal, while the RSI has already broken the triangle support. A big bearish candle after an indecisive candle shows that the stock went into the bear grip. The Elder impulse system has formed a strong bearish bar and is also beneath the Anchored VWAP support. The KST and TSI indicators are in the bearish set-up. The RRG Jdk-RS-Momentum is below 100, showing underperformance compared to the broader market.

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