Best intraday stocks to watch out for on February 28
The Banks and Financials protected the market from a significant fall. Though Nifty closed with 73.10 points or 0.42% negatively, it recovered over 100 points from the day low. Finally, it settled at 17382.70. The Banknifty gained 1% and the FinNifty was up by 0.77%. The Realty was up by 2.18%, and CPSE is up by 0.58%. All other indices ended with considerable declines. The Media and the Metals were the top losers, as they lost 3.89% and 2.39%, respectively. The market breadth did not improve much and recorded 1597 declines and 380 advances. About 268 stocks hit a new 52-week low, and 111 stocks traded in the lower circuit.
The Nifty closed above the 200 DMA, though it declined below it in the morning trade. But it recovered sharply 112 points from the day's low and formed a hammer candle, which indicates the short-term reversal. Historically, the Nifty rarely formed eighth consecutive bearish candles, and on Monday it was the eighth day. A hammer at the bottom has the most significant reversal signal. The Nifty has formed a hammer candle after seven decline days and eight bearish candles. So, we do not anticipate further fall as long as Monday's low is protected. A positive close tomorrow confirms the reversal.
The Nifty did not fill the opening gap or closed positively. But, the over 100-point recovery gave a positive signal. The RSI and MACD lines, on a shorter period chart, have formed bullish divergences. Volume is higher than the previous day. After the first hour of trading, the Nifty formed a base around 17300 and bounced. The formation at this level is like the double bottom on an hourly chart. A sustained move above 17411 will be positive, and the immediate target is 17470. Above this, 20 DMA will be a crucial level. As the Nision's principle, After confirmation of the Hammer candle, it can be positive for three to five sessions. As long as the Nifty trades above 17299, avoid short positions.
The stock closed below the prior low and sustained below the 20DMA for the past four days. The 20DMA entered into a downtrend. It is also below the moving average ribbon. Currently, it is trading 3.70% below the 20DMA and 2.92% below the 50DMA. The MACD closed below the zero line. The KST and TSI indicators have given a fresh sell signal. The Elder impulse system has formed strong bearish bars. It also closed below the Anchored VWAP support. In short, the stock broke the crucial supports. A move below Rs.3130 is negative, and it can test Rs.3074. Maintain a stop loss at Rs.3170.
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