Best intraday stocks to watch out for on September 28
The benchmark index mostly traded in the 16990-17170 zone for the last two days.
The Nifty closed flat after a volatile trading session. It took support at 200DMA. On the hourly chart, it tried multiple times to breach the 16990 (200DMA) level and looks like a strong base for now on a shorter period of time frame.
Only a breakout of this zone will lead to a directional move. As the Nifty has formed a lower low and lower high bar. The 38.2% retracement level (16980) of the prior uptrend also holds strong support for the day. The index has filled the gap of July 29 successfully on Tuesday. A decline towards the 50% retracement level will fill the gap of July 28 too. As mentioned earlier, as long as the 16980-90 support holds, the Nifty may consolidate further in the range. If there is any bounce, the gap area of 17196-291 may act as resistance. Now the 50DMA resistance is at 17383. In a broader sense, the 16980-17383 is the range to watch for a breakout. The overall directions on the downside are as per the current price structure.
The stock has broken out of a symmetrical triangle with a higher volume. It also tested the prior highs. The 50DMA acted as a support in the recent consolidation. It also closed above the moving average ribbon. The MACD is about to give a bullish signal. The RSI is near the strong bullish zone and the Elder impulse system has formed bullish bars, while the TSI has given a bullish signal, and the KST is about to give a buy signal. The RRG RS and momentum are rising in the 100 zone. In short, the stock has broken out of a bullish bar and closed at the prior highs. A move only above Rs 3490 is positive, and it can test Rs 3535. Maintain a stop loss at Rs 3455.
The stock closed 0.71% above the 20DMA. For the last two days, higher volumes have been recorded. It also formed a higher high bar. The MACD has given a fresh buy signal. The RS momentum moved above the 100 zone. The Relative Strength line is also rising and the KST is about to give a bullish signal, while the TSI has already given a bullish signal. The Elder Impulse System has formed a fresh bullish bar. In short, the stock is bouncing after a big correction. A move above Rs 3465 is positive, and it can test Rs 3511. Maintain a stop loss at Rs 3440.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7194.90 | 21.6 (0.3%) |
| CAC 40 | 7541.92 | 117.3 (1.58%) |
| DAX | 16770.77 | 142.07 (0.85%) |
| Dow Jones | 36247.87 | 130.49 (0.36%) |
| FTSE 100 | 7571.16 | 65.98 (0.88%) |
| Hang Seng | 16321.03 | -21.95 (-0.13%) |
| US Tech 100 | 14407.64 | 78.46 (0.55%) |
| Nikkei 225 | 32307.86 | -550.45 (-1.68%) |
| S&P 500 | 4604.37 | 18.78 (0.41%) |
| Gift Nifty | 21069.00 | -12.5 (-0.06%) |
| Shanghai Composite | 2969.56 | 3.35 (0.11%) |
| Taiwan Weighted | 17383.99 | 105.25 (0.61%) |
| US 30 | 36244.50 | 146.4 (0.41%) |
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