Best intraday stocks to watch out for on March 22

Best intraday stock to watch out for on 22-March-2023

by 5paisa Research Team Last Updated: Mar 23, 2023 - 10:57 am 193 Views

 After seven bearish candles, the Nifty has finally been able to form a bullish candle. But, this 120 points bounce did not attract much volume, as volume is still below average.

The open interest is also just flat and the broader market is trying to come out of an oversold condition. As discussed earlier, the Nifty closed above the prior day's high and 23.6% retracement of the downswing. Now it needs a follow-through day. It requires closing higher with a spurt in volume. The upside target is at 17200. Now, Monday's low 16828 will be crucial support. As long as this support holds, we consider that the market is in a rally attempt mode.

After a gap-up opening of 60 points, it traded in sideways in the morning session. After lunch, a sudden rally of 105 points aided the Nifty to move above the 5EMA. The 8EMA acted as a resistance for the day. The RSI closed above the prior minor high and near the 40 zones. It may test near 50 levels if the market conditions sustain in the positive zone. As the Federal Reserve is meeting today, it may consolidate before the event. The breadth is improved, but not at the desired level. Banks and Financials levels led this recovery. Now the question is will it sustain above the 17200 level? We can expect to test the 20DMA of 17362. We can not be aggressive in initiating long positions.

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The stock has closed at a crucial resistance. After a series of indecisive candles, it closed above the six-day range high. It closed at the moving average ribbon resistance. The stock closed above the 20DMA. MACD has given a fresh buy signal. The Elder impulse system has formed a strong bullish bar. The RSI is above the prior high. For the last two days, the volumes have increased. The bullish bar with high volume shows the buying interest. The KST is about to give a bullish signal, and the TSI has given a fresh buy signal. In short, the stock closed at sloping trendline resistance. A move above Rs 319 is positive, and it can test Rs 328. Maintain a stop loss at Rs 315. 

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