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.
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