Best intraday stocks to watch out for on September 09

Best intraday stocks to watch out for on September 09

Indian Market
by 5paisa Research Team Last Updated: 2022-09-09T10:18:40+05:30

 After a seven-day long consolidation in the range, Nifty has finally moved above the level of 17,778 on a weekly expiry day.

The index registered gains of meagre 39 points since the August 30 closing. Besides, since the last weekly expiry, it has gained 255.90 points or 1.46%.

The stocks of the banking and financial services sectors led the rally on Thursday. On the daily chart, Nifty has formed a bullish candle with a long lower shadow and it has managed to close near the day's high which is giving confidence to the bullish bias. That said, the range breakout is not backed by a robust breakout. Now, going ahead, it has to sustain above the 17,778-801 zone of resistance on a weekly closing basis. The previous swing high is at the level of 17,992.

A close above the prior day and the week's high is a strong positive signal for the market. With Thursday’s closing, the index closed above the sloping trend line resistance. The RSI is above the zone of 60 while the index moved above the 20-DMA. Above the level of 17,801, the next crucial resistance is placed at the level of 17,992.

Let’s see whether the index witnesses a follow-through buying on Friday or sees profit booking! Going forward, the behaviour of the index around the level of 17,800 is quite crucial.

METROPOLIS

The stock has broken out of a 12 base with a massive volume. It formed a bottom at Rs 1360, it has broken the double bottom kind of a pattern. The stock closed decisively above the 20DMA. It is also just above the moving average ribbon. The MACD has given a fresh buy signal. After a massive 47% decline, this base breakout gives renewed hopes to bulls. The prior swing high is at Rs.1632. the RSI has formed a higher low and above the valley point. The Elder impulse system has formed a strong bullish bar. It also closed above the Anchored VWAP resistance. The KST is about to give a bullish signal and the momentum is also good. In short, the stock broke the base. A move above Rs 1480 is positive, and it can test Rs 1540. Maintain a stop loss at Rs 1455.

SBI 

The stock has closed at the prior pivot and the parallel highs. It formed a 24-day cup formation. As the stock formed a strong bullish bar with higher volume, it indicates fresh buying interest. It is above all key moving averages. The MACD has given a fresh buy signal. The RSI is in a strong bullish zone and coming out of the squeeze. It is also breaking out of an inverted head and shoulders pattern. Trading above the Anchored VWAP Resistance. The KST and TSI indicators are about to give a buy signal. In short, the stock is ready to break out. A move above Rs 548 is positive, and it can test Rs 567. Maintain a stop loss at Rs 536.


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