Intraday Stocks for Today

Best intraday stocks to watch out for on December 01

Indian Market
by 5paisa Research Team Last Updated: 2022-12-01T18:32:09+05:30

The Nifty has rallied 680 points in the last seven trading sessions.

On Wednesday the market started trading on a flat note and gradually moved higher. The last 30 minutes of over 139 points sharp surge has erased all the indecisiveness at the top. It formed another strong bullish candle at the end of the day. The Nifty has rallied 680 points in the last seven trading sessions. The index is in uncharted territory, and there is no visible resistance. The RSI is decisively above the 70 zone registering a crystal clear breakout, and it can test near the 80 zone. If expectations are met, the Nifty will test 19035 levels as soon as possible.

The last hour of trading was in contrast to the prior trading session. The 20DMA support moved further higher level to 18319. Now the prior bar low of 18616 will be the immediate support. There is no weakness in any time frame. A dip also leads to aggressive buying. The momentum has suddenly picked up. With the last hour jump, the volume and the breadth are also improved. As the weekly expiry is approaching, the volatility may increase. The Nifty may test 18865 and may face mild profit booking again. Don't fight the trend.

CANBK 

The stock declined below the 13EMA with a strong bearish bar and higher volume. The stock has developed negative divergence in major indicators. It almost tested the 20DMA support. The MACD and TSI have given a fresh sell signal. The RSI has declined below the prior low and broke the range. The Elder impulse system has formed a strong bearish bar. KST has also given a fresh sell signal. In short, the stock is showing reversal signs. A move below Rs 311 is negative, and it can test Rs 300. Maintain a stop loss at Rs 315.

ULTRACEMCO

The stock has registered a 15-day base breakout with higher volume. It is also broken out of a cup and handle pattern. It is trading above all key moving averages, and they are in an uptrend. It is 3.06% above the 20DMA and 8.30% above the 50DMA. The MACD and TSI indicators have given fresh bullish signals. The Elder impulse system has formed strong bullish bars. The stock also cleared the Anchored VWAP resistance. The RSI is in a strong bullish zone. In short, the stock has broken out of multiple patterns. A move above Rs 7080 is positive, and it can test Rs 7600. Maintain a stop loss at Rs 6900.


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