Best intraday stocks to watch out for on October 13
The short-covering fuelled the markets to recover some of the previous day's losses. The Nifty closed almost at the day's high.
All the sector indices reversed the losses and closed in positive territory on Wednesday with Nifty reclaiming its 200DMA. It formed an inside bar as the price traded within the range of the prior bar. Currently, the index is trading 1.16% below the 20DMA and 2.14% below the 50DMA. The 50EMA is placed at 17256, which is the same level as the previous day's high. A close or decisive move above this level will resume the positive bias in the direction. The MACD line is flattened, and the momentum has also flattened. The index is undergoing consolidation between 200DMA and 20DMA. Either breakout is needed for a decisive directional move. The consolidation may continue for another two days. Even though there is a weekly expiry, the Nifty may not violate the consolidation zone. On a weekly closing basis, the index has to move beyond the previous week's levels.
The stock closed at very crucial support. It formed a rectangle and traded below the key moving averages. It also formed a bearish engulfing candle, which is valid within the range or confluence of the top. The scrip is below the moving average ribbon, along with the MACD line below the zero line while the RSI is just on the verge of a bearish zone. The -DMI is above the +DMI and ADX, which is negative. Currently, it is 3.58% below the 20DMA. The Elder impulse system has formed strong bearish bars. The KST and the TSI indicators are in the bearish setup. In short, the stock is ready to register a breakdown. A move below Rs 3234 is negative, and it can test Rs 3136. Maintain a stop loss at Rs 3265.
The stock closed just above the prior minor high and near the pivot. It also registered a new high close. Trading above the key moving averages and all of them are in an uptrend. It has broken out of a 15-day base and tight area. The volume is higher than in previous days. It also formed a bullish engulfing candle. The stock is currently trading 8.19% above the 50 DMA and 4% above the 20DMA. The MACD has given a fresh buy signal, and the RSI moved into a strong bullish zone. The Elder impulse system has formed a strong bullish bar while the KST is about to give a bullish signal. In short, the stock is ready to move sharply on the upside. A move above Rs 1088 is positive, and it can test Rs 1153. Maintain a stop loss at Rs 1069.
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