Best intraday stocks to watch out for on September 13

Nifty tested almost the previous swing high but hesitated to cross it and formed an upper shadow, which indicates profit booking at higher levels or jitteriness of the market participants at higher levels.

The index opened with a gap up and the opening level was almost identical to the low of the day. As the day progressed Nifty went on to touch an intraday high of 17980.55, however, in the last leg of trade some profit booking emerged and Nifty shaved off nearly 50 points from the intraday high.

On the daily chart, the Nifty formed a small-bodied bullish candle carrying a higher high and higher low as compared to it prior trading session. On an hourly chart, the momentum has waned. The MACD line is about to cross under the signal line. The lowest volume was recorded on Monday. At a new swing high, the index is showing signs of exhaustion, as it declined sharply in the last 30 minutes. Though the index looks a bit exhausted, the broader market indices Midcap-100 and Smallcap-100 outperformed the benchmark index. Even the Nifty-500 index looks pretty strong. As a result, it is better to avoid shorting the markets for now. Focus on stocks specific action rather than indices. Several stocks are breaking above the base bases with higher Relative Strength.

ATUL 

The stock has broken out of the 94-day cup and handle with a higher volume. It formed a strong bullish candle after a series of indecisive candles and is trading above all key moving averages. The Moving average ribbon acted as strong support. The stock is 4.6% above the 20DMA and 8.81% above the 50DMA. The stock is in the improving quadrant with good momentum and has cleared the Anchored VWAP. The Elder impulse system has formed a series of bullish bars. In short, the stock has registered a strong bullish breakout. A move above Rs 9600 is positive and it can test Rs 10100. Maintain a stop loss at Rs 9500 on a closing basis.

JUBLFOOD

The stock broke the six-day tight range and closed at a swing high. The moving average ribbon is acting as key support in the current uptrend. The MACD has given a fresh bullish signal. The RSI took support at 50, and currently, it has formed a bullish divergence. The higher volume shows the buying interest in the stock. The Elder impulse system has formed a strong bullish bar. KST and TSI indicators have also given bullish signals. Both RRG RS and momentum are in the leading quadrant. The 200DMA acted as a strong support in the last six days of consolidation. In short, the stock is poised for a strong bullish breakout. A move above Rs 627 is positive, and it can test Rs 688. Maintain a stop loss at Rs 598.