Best intraday stocks to watch out for on February 23

Best intraday stock to watch out for on 23-Feb-2023

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by 5paisa Research Team Last Updated: Feb 23, 2023 - 10:48 am 140 Views

The Nifty has declined sharply and closed below the 200 EMA.

Earlier, from January 27 to February 02, it declined below this crucial 200 EMA but failed close below the average. On Wednesday, it decisively closed below 200EMA, indicating that a long-term bullish strength has completely vanished. The Budget day low (17353) and the 200 SMA (17355) are the last hope for the market. In fact, it is already below the Budget day close. Most importantly, the Index is closed at the very crucial rising trendline support, which is drawn by connecting March 2020 low and June 2022 low.

It has already declined below the previous two-week low. All short and medium-term moving averages are in the downtrend. The MACD has given a fresh sell signal. RSI declined below the 40 zone and entered the strong bearish zone. During the last five trading sessions, the Nifty dipped by 605 points or 3.34% from its high. Now, a meaningful rise above 18000, where the 50DMA (17986) is also placed, and a channel resistance line, can be considered as a reversal on the upside. But, it has to make a higher high by closing above the 18134-265 swing highs. For now, the only hope is 17355 support. Be selective in this market. As monthly expiry is on the cards, There may be intermittent spikes, and any rise will give fresh shorting opportunities.

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The stock has broken the bearish flag pattern with higher volume. It also closed below the 20DMA. The moving average ribbon is acting as a resistance in the current downtrend. The stock is trading 5.92% below the 50DMA. It closed on the support of 20 periods of DEMA. The RRG momentum is below the 100 zone. RSI is below 40 in a bearish zone. The MACD is about to give a sell signal below the zero line, while the Elder impulse system has formed a fresh bearish bar. It is also below the Anchored VWAP support. In short, the stock has broken down the bearish flag pattern. A move below Rs 2290 is negative, and it can test Rs 2237. Maintain a stop loss at Rs 2305.


The stock has broken another flat base in a downtrend, higher volume confirms the breakdown. It is trading below all moving averages, and they all are in the downtrend. It is 11.10% below the 50DMA and 4.97% below the 20DMA. It is also beneath the 20DEMA, while the MACD is about to give a sell signal. The RSI is already in the strong bearish zone and the TSI has given a fresh sell signal. The Elder impulse system has formed a series of bearish bar and is below the Anchored VWAP support. In short, the stock broke the fresh breakdown. A move below Rs 317 is negative, and it can test Rs 300. Maintain a stop loss at Rs 326.

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