Best intraday stocks to watch out for on March 08

Best intraday stocks to watch out for on March 08

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 568 Views
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As we expected, Nifty tested the gap area resistance and filled it to close above the 20DMA too. 

After opening with a positive gap, the Nifty sustained the initial gains. But it did not stay at the higher levels and declined by almost 90 points from the day's high. It formed a shooting star candle, which is bearish in nature when it forms at a swing high. As forecasted, the index has tested the 61.8% retracement level. Generally, the pullback rallies in a downtrend end at 61.8% retracement levels. Only in case of moving above today's high of 17800 will be positive. If the Nifty closes negative in the trading session, the shooting star candle will get a confirmation for its bearish implications. The RSI is back to the above 50 zones, and the MACD line is about cross the signal line. A move below 17644 will be more negative. 

On Monday, the index faced resistance at a 10-week average also. As mentioned earlier, the confluence of resistance worked well for now. We need to get the confirmation for a reversal now by closing below Monday's gap area. 


The stock closed at the prior pivot level, and it is also near the lifetime high. Its Relative Strength line is at a new high, showing an outperformance compared to the broader market. It is about to complete the 8-week consolidation. Trading above all key moving averages. The moving average ribbon is in an uptrend. It is 11.44% above the 20DMA and 12.4% above the 50DMA. The MACD shows strong bullish momentum. 

The RSI is in a strong bullish zone and the Elder impulse system has formed bullish bars. The KST and TSI have been in a bullish set-up. In short, the stock is about to break out a bullish pattern. A move above Rs 162 is positive, and it can test Rs 169. Maintain a stop loss at Rs158.

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