Best intraday stocks to watch out for on March 09
The Nifty smartly recovered 155 points from the day's low and negated the previous day's shooting star's bearish implications. It closed above the 20DMA and at the day's high. The recovery is mainly because of the banks rally. The Nifty also formed an sizable bullish candle. The global market's weakness did not show an impact on domestic equities. After opening with a gap down, and took support at 200EMA. The Nifty sharply recovered in the afternoon session. The move after 3 pm was very sharp, as it gained by over 50 points in just 15 minutes. On a positive day, the open interest is also up by 8.05%, indicating that fresh longs were created in the system.
For the second successive day, Nifty has almost tested the gap area. The RSI moved above 52, and the MACD line moved above the signal line and gave a fresh bullish signal. Now the question is, will this bounce will go beyond 17800, which is a 61.8% retracement level? As the weekly derivative expiry is in place, the short-squeeze may continue with higher volatility, hence, trade with a cautious approach.
The Stock has broken out of an ascending triangle and an ascending base with a massive jump in the volume. It also managed to close above the 3-week tight area. Trading above all key moving averages. It is 4.7% above the 20DMA and 8.1% above the 50DMA. The RSI is in a strong bullish zone, and the MACD has given a fresh buy signal. The KST and TSI have been in a bullish set-up. It also cleared the Anchored VWAP resistance. It is much above the Ichimoku cloud. In short, the Stock has registered a strong bullish breakout with volume confirmation. A move above Rs.18700 is positive, and it can test Rs.19500. Maintain a stop loss at Rs.18400.
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