Best intraday stocks to watch out for on September 22

The Nifty lost its momentum and closed below the previous day's low. The 20DMA is holding as a support for now.

 Before the event risk, markets across the world traded nervously. The Nifty erased most of its previous day's gains. It formed a lower low and lower high candle. As it is still within the range, there is no directional has emerged yet. With the negative advance-decline ratio, the market is losing its momentum. Only the FMCG sector performed better on Wednesday, and all other sectors ended in the negative zone. On an hourly chart, the Nifty has closed below the moving average ribbon, and the MACD line is below the zero line, which is negative for the index. The daily MACD line further declined, and the bearish momentum also increased.

With Wednesday's decline, the index closed just below the slopping trendline drawn from October 2021 high. The 17429-408 will act as crucial support for the near term. If it trades below 17801, it is better to be cautious.

GODREJPROP

The stock closed below its prior low and registered a descending triangle breakdown. The volumes have been higher in the last three days. It is trading below the key averages and below the moving average ribbon. The stock is 7.78% below the 20DMA and 7.71% below the 50DMA. The Elder impulse system has formed a series of bearish bars. The MACD and TSI have given sell signals. The KST is also in a bearish mode. The RRG RS and Momentum declined below 100. It also closed below the Anchored VWAP support. In short, the stock has registered a bearish breakout. A move below Rs 1282 is negative, and it can test Rs 1215. Maintain a stop loss at Rs 1305.

ULTRACEMCO

The stock broke the parallel trendline support and closed below the prior minor swing lows. It closed below the moving average ribbon along with the MACD line below the zero line. Currently, it is 2.7% below the 50DMA and 4.92% below the 20DMA. It also closed below the Anchored VWAP support. The Elder impulse system has formed four consecutive bearish bars. The KST and TSI indicators are also in bearish mode. The RRG RS and Momentum are below the 100 zone. In short, the stock broke the key supports. A move below Rs 6313 is negative, and it can test Rs 6090. Maintain a stop loss at Rs 6435.