Best intraday stocks to watch out for on September 01

Best intraday stocks to watch out for on September 01

Indian Market
by 5paisa Research Team Last Updated: 2022-09-01T09:36:52+05:30

Nifty has formed one of the strongest bullish candles in recent time on Tuesday. It recovered all the previous day's losses and retraced over 61.8% of the recent fall. 

All the Nifty 50 stocks closed positively in the last trading session. It closed above the previous week's high and formed a bullish engulfing candle on a weekly chart as of now. All the hourly candles were closed above the previous bar's high. There was not even a single candle showing weakness or consolidation signs. The Nifty was up by over 611 points or 3.56% from the previous day's low. This kind of impulsive straight-line fashioned rally enters into a consolidation sooner or later. Interestingly, the index regained above the sloping trendline resistance drawn from October 2021 high. 

In all time frames, the RSI is in the bullish zone. On an hourly chart, the index is above the moving average ribbon, and the ribbon is in an uptrend. The MACD line is also above the zero line. This is the strong bullish set-up. After August 18, the Elder Impulse System formed a strong bullish bar. As the global markets have not yet recovered from lows and weekly derivative expiry is in place, better to avoid highly leveraged bets. Thursday's close will be a crucial day for indices. 

MARUTI  

The stock closed near the previous high. It broke the bullish flag pattern with higher volume. Historically, the 20 years of seasonality chart shows, that it outperformed all the Nifty 50 stocks by 80 per cent of the time in September month. It closed above the key short and medium-term moving averages and above the moving average ribbon. The MACD is about to give a bullish signal. The RSI is above 60 and in a bullish zone. Its RS momentum is above 100, and its RRG Relative Strength is improving. The Elder impulse system has formed a strong bullish bar. The stock is above the Anchored VWAP resistance. In short, they broke the bullish pattern and it's near the prior pivot. A move only above Rs 9100 is positive, and it can test Rs 9600. Maintain a stop loss at Rs 9000.

AUBANK 

The stock has formed a doji like candlestick pattern below the 20DMA. The Bollinger bands are narrowing, which shows an upside is contained. The MACD histogram shows an increased bearish momentum. The RSI has made a lower high. The Elder impulse system has formed two bearish candles. The KST and TSI indicators are in a bearish set-up. In short, the stock looks weak. A move below Rs 630 is negative and can test Rs 612. Maintain a stop loss at Rs 640.


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