Best intraday stocks to watch out for on 28-April-2023

Nifty has decisively broken out of the last seven days' range and closed above last Monday's high. 

By closing above the previous week's high, the Nifty has registered five consecutive higher high candles on the weekly chart, though we will get a confirmation of this on Friday as it's the last trading session of the week and month. If we get a confirmation of a higher high candle, in that case, last week's bearish engulfing does not have any relevance now, as Nifty would manage to close above it. 

The Nifty also closed above the 50% retracement level of the prior downtrend. As we discussed earlier, the index may test 18100-115, which is a 61.8% retracement level. It is also probable right shoulder's high. That said, the Nifty has broken out of an inverted Head and Shoulders pattern on the daily chart time. Despite closing at higher levels, Thursday's breakout was on the back of lower volume, which is a cause for concern. Importantly the VIX is declined to the lowest level. The RSI has reached the overbought zone. The Histogram declined on a positive day. 

These are hinting at a sign of caution in the market. As long as the Nifty sustains above the level of 17775, stays with a positive bias. All the long positions should be held with a strict stop loss of 17775, which is Anchored VWAP. Earlier, it acted as a resistance and now it is likely to act as support. As mentioned above, the near-term target is placed at the level of 18100-135. It is better to have a positive bias unless it closes below the previous day's low. 

M&M 

The stock has broken out of the 9-day tight flat base. It has closed above the moving average ribbon, along with the MACD line above the zero line. It is trading 2.90% above the 20DMA. The stock has cleared the Anchored VWAP resistance. The Elder impulse system has formed a series of neutral bars and the RSI is near the bullish zone, while KST and the TSI have been in the bullish setup. In short, the stock has broken out of a tight base. A move above Rs 1228 is positive, and it can test Rs 1260. Maintain a stop loss at Rs 1210.