Best intraday stocks to watch out for on September 27

Best intraday stocks to watch out for on September 27

Indian Market
by 5paisa Research Team Last Updated: 2022-09-27T09:31:27+05:30

The Nifty has decisively closed below 17166, which was a prior minor low or a neckline of the double top. With this, the double top breakdown is a reality, and the reversal is confirmed. As we expected, the Nifty has tested the 16980 level also. The global equity markets are melting down and breaking all key supports.

The Nifty has declined 1113 points or 6.15% in the last eight trading sessions. It has plunged 663 points in the last two trading sessions. The fall has been faster and with a high distribution. The market breadth for the last two days has been extremely negative. In any case, a close below the level of 16980, would result into further decline towards the 16300 level. In case of a bounce the Nifty may test the 17166-243 zone. Because of the Nifty closed below the lower Bollinger bands, the retracement is normal. The 50 DMA stands at 17362 and the 20DMA stands at 17664 are crucial resistances, in case the Nifty moves above the 17166-243 zone. The MACD line is just on the zero line. The RSI entered into a strong bearish by declining below the 40 zone. The rising ADX shows that the bears have picked up their strength. -DMI is dominantly above the +DMI is an indication of a strong bearish signal. It is not time to hold long positions, as the market direction has changed.

SBILIFE

The stock has formed a rectangle at the high. It closed at the parallel supports. It has declined below the key short-term moving averages. It declined 0.46% below the 50DMA. The 20DMA is in a downtrend. It closed below the moving average ribbon. The Elder impulse system has formed three consecutive bearish bars. The KST and TSI have been in the bearish set-up. The Anchored VWAP support is at Rs.1248. the MACD is about to touch the zero line. RSI declined below the prior lows. In short, the stock closed at crucial support. A move below Rs.1250 is negative, and it can test Rs.1195. Maintain a stop loss at Rs.1272.

ADANIENT

The stock tested the 20DMA support on Monday. For the last six days, formation of massive bearish candles show that it is witnessing distribution. It got the confirmation for an evening star with a big bearish bar four days ago. The MACD has already given a sell signal. The RSI is declining from the overbought zone, and it is below the prior lows. The Elder impulse system has formed its first strong bearish bar. The KST and the TSI indicators have given the sell signals. In short, the stock is on crucial support. A move below Rs.3560 is negative, and it can test Rs.3415. Maintain a stop loss at Rs.3621. 


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