Best intraday stocks to watch out for on March 28
Nifty had formed a perfect doji candle and an inside bar in yesterday's session.
With increased volatility, its up-and-down swings have not given any directional trade. On an hourly chart, it formed a long shadow candle, which indicates a fight between bulls and bears. The volumes were a little lower than the previous day. As the Index formed doji and an inside bar, there are no trend change implications. Nifty closed below the hourly moving average ribbon, and the MACD sustained below the zero line, which is bearish. On a much lower time frame (5 minutes), the Nifty has moved in three upswings and three downswings. The last 30-minute decline erased all the swing gains and closed exactly where it opened. The long hourly bars are the result of high volatility. The last hour bar shows the renewed selling pressure.
As we mentioned earlier, the 16747-598 zone of support is very crucial for the market. The Index may bounce from near this zone. On the upside, a move above the prior day's high is crucial for a technical bounce. A close above the last week's high of 17207 will result in a double-bottom breakout. The 20DMA is at 17252. A decisive move above 17207-252 will be a positive for the market, and it can test the 17428-467 zone. For now, be neutral and wait for the right time to enter a directional trade.
Here is the intraday stock to watch out for today
The stock closed at the crucial parallel lows support. It formed a big bearish candle after a series of indecisive doji candles. Trading in a tight range for the past 13 days. It also formed a descending triangle. Trading below all key moving averages. It is below the moving average ribbon along with the MACD line below the zero line, which is a bearish sign. It is 4.45% below the 50DMA and 3.06% below the 20DMA.
The RSI declined below the prior lows and at the doorstep of the bearish zone. The Elder impulse system has formed a strong bearish bar. It declined below the Anchored VWAP support. In short, the stock is about to break down a bearish pattern. A move below Rs 2790, is negative, and it can test Rs 2620. Maintain a stop loss at Rs 2840. Several stocks in the F&O segment registered base breakdowns.
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In the week gone by, Nifty traded with higher volatility as the index corrected during mid-week upto 21860, but it then witnessed a smart recovery to register new record high and the index ended the week just below 22400 with weekly gains of three-fourth of a percent.
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