Best intraday stock to watch out for on 14-March-2023

The Nifty broke all the meaningful supports and closed below the 200DMA for the second consecutive day on Monday. The positive opening gap proved to be a trap and the index declined sharply soon after the first-hour bar close.

The Nifty closed below the February 28 low or the prior swing low. As it has closed below the level of 17255, the next level of support is at the level of 16980, which is channel support. Before this, the 17035 may act as a support. The RSI declined below the 40 zone and the MACD has given a fresh bearish signal. The -DMI is closed above the prior swing which is an indication of bear domination. The weekly MACD declined below the zero line, showing a fresh breakdown. Weekly RSI is also the lowest since July 2022. The Nifty broke the 50-week average decisively and the slopping trendline support. The higher volume than the previous day validates the breakdown. As the index closed below the previous swing low, the status changed to a confirmed downtrend from Rally Attempt. The Federal Reserve's decision on SVB bank's bailout is crucial for the global markets. The world's banking sector feels potential contagion for other banks worldwide.

AXISBANK

The stock has closed at crucial parallel support of a descending triangle. It has formed a strong bearish candle. It declined below the 50% retracement level of the prior uptrend. The moving average ribbon acted as strong resistance. Trading 2.44% below the 20DMA and 6.33% below the 50DMA. The MACD is about to give a bearish signal. The RSI has declined into the bearish zone. The Elder impulse system has formed a strong bearish bar. It is also below the Anchored VWAP support. In short, the stock is at crucial support and a move below the level of Rs.829 is negative and it can test Rs.807. Maintain a stop loss at Rs.839.