Best intraday stocks to watch out for on March 10
Nifty erased last two trading session gains on Thursday. It formed a most bearish candle, where open is the high and close is low.
After sustaining above 20DMA for two days, it declined lower and closed below the 200EMA again. The expiry day witnessed huge volatility. As the Nifty formed outside the bar, yesterday's bullish candle does not have any relevance. If we consider Monday's shooting at confluence has got its bearish implications confirmed. Volumes are higher than the previous day but still below average.
The Nifty also closed below the moving average ribbon on daily and hourly time frames. The RSI once again declined below the 50 zone. As we forecasted, the Nifty faced strong resistance at the 61.8% retracement level of the prior downswing and reacted on the downside. The Nifty closed below the previous day's low. With Thursday’s fall, we consider Monday's high is the swing high. In any case, the index declines below the 200 DMA and sustains below 200DMA for two days, which means we are heading for a bigger fall. Importantly, the Nifty also closed below 38.2% for the recent upswing. The next level of supports is placed at 17527 and 17463. The major support is placed at 200DMA which stands at 17427. If these supports were broken, the next strong, meaningful support would be only the previous low of 17255. Meanwhile, on the upside, a close above the March 06 high would provide fresh impetus to the bulls and bulls will try to move higher, towards the level of 18265.
The stock closed at crucial parallel support. It is almost near the budget day low. It has formed a descending triangle. It formed a big bearish bar after two indecisive bearish candles. Trading below all key moving averages. It is 4.09% below the 20DMA. The moving average ribbon is in a downtrend. The RSI is below its 9-period average and in a bearish zone. The MACD is about to give a bearish signal. The Elder impulse system has formed a strong bearish bar. It is also trading below the Ichimoku cloud and the Anchored VWAP support. In short, the stock is about to register a breakdown. A move below Rs 1092 is negative, and it can test Rs 1068. Maintain a stop loss at Rs 1108
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