Best intraday stocks to watch out for on 15-May-2023

In a volatile session, the Nifty is able to close flat to positive. But the Nifty futures closed with 19.40 points decline. The declining stocks outnumbered on Friday and recorded lower volume. 

On Friday, Nifty opened with a negative gap and recovered into positive territory. It closed above the previous week's high and negated the shooting star candle's bearish implications. For the last four days, the Nifty traded in less than 200 points range, showing that the market is waiting for the trigger. On Friday, it took rising channel support and a prior swing high. Only a close below the level of18200 will be negative. Otherwise, there is no point in shorting the index. The Nifty premium also declined to 20 points from over 50 points yesterday. The India VIX index is back to below 13 and closed at 12.85. The RSI flattened in the bullish zone, and the MACD histogram further declined. This is an indication of a momentum loss. On the upside, it has to close above the level of 18400 decisively for an uptrend to continue. Above this level, the four-day tight-range breakout will lead to a sharp spurt in the price. Wait for the first-hour close on Monday and trade as per the range breakout rule. 

DIXON 

The stock reacted to a series of resistances and declined sharply. It broke the nine-day tight range and closed at the rising trendline. The decline is with higher volume, showing a distribution. The stock closed below the 20 and 50DMA. It is 1.64% below 20 DMA and 1.09% below the 50DMA. The MACD has given a fresh sell signal after a long period of no momentum on the zero line. The RSI is near the bearish zone. The Elder impulse system has formed a strong bearish bar. It tested the Anchored VWAP support and trading below the Ichimoku cloud. The KST and TRIX are in the bearish setup. In short, the stock closed at the crucial support and broke down the tight base. A move below Rs 2870 is negative, and it can test Rs 2820. Maintain a stop loss at Rs 2889.