Best intraday stocks to watch out for on March 20

Best intraday stocks to watch out for on March 20

by 5paisa Research Team Last Updated: Sep 07, 2023 - 05:09 pm 900 Views
Listen icon

On a highly volatile day, the benchmark index was able to close positively, above the prior day's high. But the candlestick formation was not convincing as it formed yet another indecisive doji candle.

On Friday, index closed above the prior day's high, as the long-legged doji got the confirmation for a bullish reversal, but it's not a textbook kind of reversal. The Nifty and Bank nifty erased the intraday losses in the late afternoon session. The sharp recovery in the last hour was mainly due to short covering on the weekend. As the doji candle got the confirmation for its bullish implications, expect the market to be positive for the next couple of days.

The index is still below all key moving averages. But the RSI has developed a positive divergence. The Nifty made a swing low at 16850 yesterday, and it retraced above the 24% of the prior downswing. This is an early sign of a reversal or a short-term technical pullback. If the Nifty sustains above 17075, it can test 17213 and 17325. The 200DMA and the 61.8% retracement level are at 17451, which may probably swing high if the Nifty continues to be positive. For now, there is very little scope for short positions for the next 2-3 days. 


The stock is forming a topping formation. For the last 28 sessions, It is moving in a range. On Friday, it took support at 50DMA. It declined 1.73% below the 20DMA. On a weekly chart, it formed a series of indecisive and bearish bars and a bearish engulfing candle. The Elder impulse system has formed strong bearish bars. The MACD line is below the signal line, and the histogram shows an increased bearish momentum. The RSI got the confirmation for its negative divergence implications. The KST and TSI indicators are also in the bearish setup. In short, the stock is about to break down the topping formation. A move below Rs 371 is negative, and it can test Rs 360. Maintain a stop loss at Rs 376.

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.
Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Market Outlook for 22 April 2024

Our markets corrected sharply in the week gone by mainly due to uncertainty over global geopolitical tensions and selling by the FIIs which resulted in the index breaking the 22000 mark. However, we witnessed recovery from the low of 21780 in the last trading session and Nifty ended around 22150 with a weekly loss of over one and a half percent.

Stock in Action - Escorts Kubota Ltd

Escorts Kubota Stock Movement of Day    

Weekly Outlook on NATURAL GAS - 19 April 2024

The cost of natural gas saw a 2.7% increase yesterday, closing at 146.90, as projections of limited feed gas demand and milder weather tempered upward momentum. Despite concerns over a significant storage surplus and reduced demand forecasts for the next fortnight, substantial price shifts were notably absent.