Best intraday stocks to watch out for on 21-April-2023

Nifty witnessed yet another day of range-bound movement. On the daily chart, it has formed a high wave-like candle on a weekly derivative expiry day. 

The daily range increased a bit but the index is still within Monday's range. It took support for another day on 200DMA. The spurt in volume in the last hour shows full-swing short-covering. It helped bulls to manage to close positively and above 200DMA. It avoided a negative closing too. Monday's low and high is crucial support and resistance. 

Unless it breaks on either, the market may move in sideways. The consolidation may extend to another 2-3 days. There is no trend change implications for now. On a weekly chart, the Nifty is about to form a bearish engulfing candle if it closes below the level of 17634 on Friday. If it is a reality, we can assume that the 17863 is an intermediate top. This week's range has already engulfed the previous week's price action. Importantly, today it formed a higher high, higher low candle. 

With this, Monday's low has become the strongest support for the short term. At the same time, it must close above the previous day's high of 17685 for a bullish bias. But, to resume the uptrend 17777-863 zone of resistance is key. There is no change in the indicators set-up, not showing any directional bias. The RSI is in a neutral zone. As the weekend is in place and several Nifty companies are announcing their earnings on Friday and Saturday, it may be risky to hold positions. Avoid taking an aggressive leveraged position now. We may see the range might be violated by next week. 

GE T&D India 

Technically, the stock has broken out of a 23-week, Stage-1 with a massive volume. It is also broken out of 67 weeks ascending triangle. Its price Relative Strength (RS) line also hit a new high. It is trading above all key moving averages. Currently, it is 17.31% above the 200DMA and 21.34% above the 50DMA. The 50DMA is about to cross the 200DMA, which is the “Golden Crossover". The RSI is in a strong bullish zone. MACD is also above the zero line and showing strong bullish momentum. As the stock is trading above the 52-week high, it cleared all the resistances. All the momentum indicators show a bullish set-up. 

In short, the stock has registered a long consolidation breakout. Watch out for this stock above Rs 144. Maintain a stop loss at Rs 130.