Best intraday stocks to watch out for on September 15

Best intraday stocks to watch out for on September 15

Indian Market
by 5paisa Research Team Last Updated: 2022-09-15T09:48:17+05:30

The domestic benchmark indices dramatically recovered from the opening lows. It opened exactly at the prior breakout level of 17771 and it had formed an open=low candle.

During the day, the Nifty moved above the prior day's high and closed marginally lower. Except for the last hour bar, it formed higher high and higher low candles. The index declined by 100 points in the last hour, forming a negative divergence. The Bank Nifty led the recovery rally on Wednesday. It gained almost 1400 points from the day's low. The PSU Bank index rose by 1.74%. However, the decline in IT index put a lid on gains as a result, Nifty ended with a marginal loss, but nearly 230 points up from day's low.

The only concern now is that the index closed below the previous day's low. With this, the MACD histogram flattened. The RSI is still in the strong bullish zone. Technically, there is no change in directional bias. As the weekly expiry is on the cards, some covering trades may influence the trading, and volatility may increase. In any case, after the first hour, trading below 18000 is negative, and it can test 17900. The current weekly close will determine the near-term direction of the index a close above 18045 is positive for the index.

HINDALCO

The stock has closed at resistance. It has been trading in a tight-range base for the past 22 days. Trading above the 20DMA and moving average ribbon. The narrowed Bollinger bands suggest an impulsive move is possible. The RSI is near the bullish zone. MACD line is about to cross the signal line for a bullish signal. The Elder impulse system has formed bullish bars. The TSI has given a fresh bullish signal. In short, the stock is ready to register a breakout. A move above Rs 445 is positive, and it can test Rs 463. Maintain a stop loss at Rs 438.

HDFC BANK

The stock has registered a 19-day breakout with a higher volume. The pattern is like a second base. Currently, it is trading above the key moving averages. The 34EMA acted as support for the cup base. The MACD has given a fresh buy signal, while the RSI is in a strong bullish zone. Importantly, it also retraced above 50% of the recent fall. The Elder impulse system has formed strong bullish bars. The KST and the TSI indicators are also given bullish signals. The stock moved above the Anchored VWAP resistance. In short, the stock broke the bullish pattern. A move above Rs 1530 is positive, and it can test Rs 1590. Maintain a stop loss at Rs 1512. 


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