Swiggy’s Anticipated IPO: A $15 Billion Valuation in the Making
Best intraday stocks to watch out for on March 20
![Best intraday stocks to watch out for on March 20 Best intraday stocks to watch out for on March 20](https://storage.googleapis.com/5paisa-prod-storage/files/2023-03/Best%20intraday%20stocks_11.jpg)
![resr resr](https://storage.googleapis.com/5paisa-prod-storage/files/2022-01/author.png)
Last Updated: 7th September 2023 - 05:09 pm
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.
Trending on 5paisa
Discover more of what matters to you.
Indian Stock Market Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.