Intraday Stocks to Trade on 8th March 2021: Expert Analysis
Disclaimer: This analysis is for informational purposes only. Please consult a financial advisor before making any trading decisions.
JINDAL STEEL POWER
During the hours leading up to March 8th, 2021, JINDALSTEEL broke out from its upper trendline, indicating a favorable trading opportunity. This trendline is currently acting as strong support for the stock. As long as the stock remains above this support level, we can expect a new high in the stock.
However, it is crucial to consider the performance of the metal sector. Only proceed with a trade if conditions favor a strong performance in metals. To achieve a significant upward movement, observe the stock trading above 395.
TATA STEEL
Tata Steel has recently formed a rising wedge pattern in a 15-minute time frame, pointing towards a potential downside breakout. Over the past few days, the Nifty Metal Index has shown positive momentum, but this should be confirmed before deciding on a trade.
Approach a breakout with sufficient trading volume and watch for the candle to close below the trendline. Additionally, it's important to keep an eye on the broader market conditions. For daily in-depth stock analysis, please check out the STOCKPICKERZONE Telegram channel, which offers comprehensive and free insights.
ESCORTS
ESCORTS has experienced a prolonged period of downward movement, eventually forming a head and shoulders pattern in a 15-minute time frame. While this pattern suggests a potential trend reversal, the stock has already given a false breakout at 1250.
To take advantage of a potential upward momentum, wait for a breakout accompanied by high trading volume and ensure market support. A sustained break above 1250 could signal a significant improvement in stock performance.
INDUSIND BANK
In a significant breakout, INDUSINDBK has crossed its trendline in a daily timeframe, now acting as resistance for the stock. The stock could be vulnerable to a downside move until it breaches the previous day's low while the market underperforms.
To confirm a downside break, observe the stock falling below 918. If the decline surpasses 900, this level will act as strong support for the stock, indicating a potential rebound.
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Remember, intraday trading carries significant risks. Always consult with a financial advisor and conduct thorough research before making any investment decisions.