Best intraday stocks to watch out for on March 23
The Nifty opened with a positive gap and failed to sustain at the opening highs. It formed lower-high candles and closed near the first hour low. It has not given any decisive directional trade. The Nifty just closed above the valley point of the double bottom on the hourly chart, but the breakout does not seems to have high conviction. The momentum completely wanes as it reaches to the key resistance zone. Meanwhile, volumes were declined. They were less than half of the Friday volume.
In any case, if the index opens negatively and closes below 17107, the bears will resume their attack. On the downside. 17107 will be the immediate support, and 17017 will be the next level of support. On the upside, the index has to sustain above the 17145 for a bullish reversal. Above this, it can test the 20DMA of 17328, which is also 10 weekly average. A weekly close above this will give us a strong retracement towards the 200DMA. Wait for a first-hour bar to close for a directional trade. Above the first hour high will give more conviction on the bullish reversal. Otherwise, exit the long positions.
The stock has formed a shooting star candle at a confluence of the prior bearish engulfing candle. After two indecisive candles, this bearish shooting star gives the clues for the reversal on the downside. In other words, the bearish engulfing candle at the swing got the confirmation for its implications. It is 4.9% below the 200DMA. The MACD and TSI are about to give a bearish signal. The RSI is declining from a strong bullish zone, and it is below the 60 zone. The stock is testing the Anchored VWAP and declining at every swing high. The Elder impulse system has formed a neutral bar. In short, the stock has given early signs of reversal. A move below Rs.593 is negative, and it can test Rs.570. Maintain a stop loss at Rs.600.
DisclaimerInvestment/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.
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