Best intraday stocks to watch out for on September 20

Best intraday stocks to watch out for on September 20

Indian Market
by 5paisa Research Team Last Updated: 2022-09-20T10:07:00+05:30

The Nifty opened flat and traded mostly sideways during the day. Barring the first hour volatility, the whole day it traded in just 70 points range. It formed a lower low candle and sustained below the 20DMA for the second day. The index almost tested the previous support of 17408. A long lower shadow candle indicates, buy on dips. But, It needs to close above the 20DMA (17676) to continue the bullish its bias.

With the lack of market leadership on Monday, the market may consolidate for some more time. As the US Fed meeting is scheduled this week, traders are cautiously approaching the market. On a positive day, decline in open interest shows that there is a lack of confidence in the positive move. For the next two days, 17755 may act as crucial support. A move above this will resume up move.

INDUSTOWER

The stock has formed a sizable bearish candle on the daily chart. It closed at crucial support. It has decisively closed below the 20DMA and moving average ribbon. Currently, it is trading 5% below the 50DMA. The 200DMA acted as resistance at the recent swing high. The Elder impulse system has formed a big bearish bar. The MACD and TSI are about to give fresh sell signals. It clearly closed below the Anchored VWAP support. The RSI entered a bearish zone. In any case, it declines below Rs 198 is negative, and it can test Rs 190. Maintain a stop loss at Rs 202.

MFSL

The stock closed at a crucial resistance and tested the recent swing high. It closed above the 200DMA and above all its short and medium-term averages. It is above the moving average ribbon, and currently, it is 3.53% above the 50DMA. The MACD and TSI has given bullish signals. The histogram moved above the zero line. The RSI enters a strong bullish zone. The massive volume suggests buying interest in the stock. The Elder impulse system has formed strong bullish bars. It is above the Anchored VWAP. The KST has also given a fresh bullish signal. In short, the stock is ready to break out. A move above Rs 855 is positive, and it can test Rs 885. Maintain a stop loss at Rs 840.


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