Best intraday stocks to watch out for on September 21
The Nifty closed above the 20DMA and it also settled above the 17801 mark, which is key resistance. But, the formation on the daily chart resembles a shooting star pattern. It filled the last Friday's gap. The volumes are a little higher than the previous day, but the open interest declined by 3.87%. On over 1% gaining day, the decline in open interest suggests that the rally is because of short-covering. As we expected, the consolidation continued, and the supports were protected. The RSI moved above the 55 zone. The MACD line is still below the signal line. The +DMI moves above the -DMI, with the last two day's positive moves. The Elder impulse system has formed a neutral bar. Many Nifty stocks lack relative strength. The beaten down Pharma gained the most on Tuesday. US central bank is meeting this week to take a call on inflationary measures. As there is event risks poised, it is better to have a cautious approach.
The stock has closed above the prior swing high and broken an ascending triangle like pattern with a massive volume. The stock is trading above the key moving averages and MA ribbon. The MACD has given a fresh buy signal. RSI is in a strong bullish zone. Currently, the stock is trading 5.2% above the 20DMA. It also closed above the 200 DMA decisively. The Elder impulse system has formed a strong bullish bar. The KST and TSI indicators are in a bullish structure. In short, the stock has registered a bullish breakout. A move above Rs 4560 is positive, and it can test Rs 4650. Maintain a stop loss at Rs 4500.
The stock closed above the prior minor swing high and broke the 17 days base with a higher volume. It closed above the moving average ribbon with a strong bullish bar. The stock is trading 3.17% above the 20DMA. The 200DMA acted as strong support during the base formation. The MACD line has given a fresh buy signal on the zero line. The RSI is out of the squeeze area and has entered a bullish zone. The RS Momentum is above the 100. The KST and TSI indicators are also given bullish signals. It is also above the Anchored VWAP. In short, the stock has registered a bullish breakout. A move above Rs 913 is positive, and it can test Rs 932. Maintain a stop loss at Rs 903.
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