Best intraday stocks to watch out for on March 02
Finally, the Nifty manage to close above the 200DMA decisively. It also closed above the previous day's high. With the broader market participation, the Nifty rallied by 147 points. It opened with a positive gap, and sustained the gains till the end of the day. The RSI bounced from the 30 zone. The Nifty tested the 23.6 per cent retracement level (17462.7) on Wednesday. Going ahead, a close above this level would mean it may test the 200EMA of 17610 or 38.2 per cent retracement level of 17591. The hourly RSI positive divergence got the confirmation for its bullish implication. For now, as long a previous day's low is protected, we can shift the market status to a rally attempt. It needs to follow through day to protect the gains. The weekly expiry may attract some profit booking. Naturally, the volatility will be higher. The Volume is the lowest since February 16, and the open interest has not increased as much as the price rise. This data shows the rally is mainly due to the short-covering. Going forward a negative close will dampen the positive sentiments.
The stock is facing stiff resistance at the moving average ribbon and at the prior highs. After two doji candles, it formed another long upper shadow candle. It just oscillates around 20DMA, and the Bollinger bands narrow, indicating an impulsive move is a possibility on either side. The RSI is in a squeeze, and the histogram also shows a flat momentum. The Elder impulse system has formed a bullish bar. Currently, it is trading just 1.37% below the 50DMA and 0.20% above the 20DMA. The stock also faced resistance at Anchored VWAP. In short, the stock can give the opportunity on either side. A move above Rs.762 is positive, and it can test Rs.800. Maintain a stop loss at Rs.755. But a move below Rs. 747 is negative, and it can test Rs.721. Maintain a stop loss at Rs.755.
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