Best intraday stocks to watch out for on March 02

Best intraday stock to watch out for on March 02

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 534 Views
Listen icon

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.

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Outlook on Copper - 01 December 2023

Copper prices saw a modest 0.33% gain, reaching 722 on Thursday, as worries about a slowdown in Chinese manufacturing loomed large. The November's NBS Manufacturing PMI slipped to 49.4, the second consecutive monthly decline, heightened concerns, emphasizing the need for additional government support to fortify China's economic growth. The NBS Non-Manufacturing PMI at 50.2, reflecting the 11th month of service sector expansion, hinted at a softer pace.

Swing Trading Stocks: Week of 04 December 2023

Swing Trading Stocks for the Week

Weekly Market Outlook for 04 December to 08 December

Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.