Best intraday stocks to watch out for on September 19

Best intraday stocks to watch out for on September 19

Indian Market
by 5paisa Research Team Last Updated: 2022-09-19T10:04:57+05:30

The last couple of days created havoc in the Indian markets. Over a 3% decline in just two days has initiated many bearish outcomes.

The frontline index, Nifty, has formed a bearish engulfing candle on the weekly time frame. This long upper shadow, engulfing the bar at the prior swing high, has given a strong warning signal to the bulls. It registered a failed breakout by closing below the slopping trendline drawn from October 2021 highs. It also closed below the last September 8 gap area. Importantly, on a line chart, the Nifty has broken the double top pattern on the weekly chart, along with RSI has broken down the same pattern. This is the more valid breakdown. The 19-day consolidation has first given breakdown signs by closing below the prior bar low and confirming the previous day's dark cloud cover's implications.

With the last two days of decline, the 20DMA entered into a downtrend, which is a short-term negative. The 34EMA stands as support for now. A decline below this may test the 50DMA. The 50DMA support is just 1.98% away now at 17190. This is almost equal to the August 29 consolidation low of 17166. In any case, a close below this zone will have serious bearish implications.

COFORGE 

The stock has broken the crucial supports and tested the previous major swing low. The moving average ribbon is in a downtrend, and it is 11.5% below the 20DMA. The closed below the Anchored VWAP support. The MACD has given a new sell signal. The higher volume decline shows a distribution. The RSI enters below 30. The dominance of -DMI shows, and the rising ADX shows the bearish strength in the trend. In short, the stock broke the crucial supports. A move below Rs.3280 is negative, and it can test Rs 3220. Maintain a stop loss at Rs 3321.

TECHM 

The stock broke the key supports. It closed below the previous low and rising trendline support. With this, it ended its counter-trend rally. It closed below the key moving averages. It declined 2.92% below the 20DMA. Trading below the moving average ribbon. MACD has given a fresh sell signal. The RSI also broke the prior swing low and confirmed the hidden negative divergence. The Elder impulse system has formed two consecutive big bearish bars. The TSI and KST indicators, too, given the bearish signals. It just holds the Anchored VWAP support. In short, the stock has broken the crucial supports. A move below Rs 1031 is negative and can test Rs 953. Maintain a stop loss at Rs1044. 
 


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