Market Overbot: Scrap-based reform moves will continue

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- Chart Hint: Ashok Trivedi

The BSE Index (Closed 3.2 on 01-09-2) is in favor of a reactionary correction from the bottom of 20.8. At present the average for 15 days is 4.5 and for 8 days it is 310.30 and for 200 days it is 313.50. The daily MACD is pro-reform. The weekly MACD is pro-softening. Displays neutral position from overboat on daily and weekly basis as well as overboat on monthly basis. If you jump 20, 20200 on the top 6, the possibility is up to 205, 20200. The bottom is considered to be 200 support below 50. The market can make a market top around Wednesday-Thursday.

Godrej CP (closing price of Rs. 4.00 dated 01-07-8) is in favor of reactionary correction from the bottom of 8.10. At present, the average for 15 days is 215 and for 8 days it is 4.5 and for 200 days it is 4.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Overbought on a daily basis, towards neutral on a weekly basis as well as an oversold position on a monthly basis. If 4 jumps on top of 2, chances are up to 20, 5. The bottom 2 counts as support.

HDFC Life (Closed Price Rs. 50.5 Dt. 01-09-2) is in favor of reactionary correction from the bottom of 2.09. At present, the average for 15 days is 6.5 and for 21 days it is 21.5 and for 200 days it is 4.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows overboat on a daily basis, towards neutral on a weekly basis, as well as an oversold position on a monthly basis. Possibility of up to 4, 5 above 21. The bottom 6 counts as the bottom 21 support.

Hindalco (closing price Rs. 30.30 dated 01-06-2) is in favor of softening from the top of Rs. At present, the average for 15 days is 8.50 and for 8 days it is 4.5 and for 200 days it is 4.5. The daily MACD is pro-softening. The weekly MACD is pro-reform. Shows oversold position on daily basis, overboat position on weekly as well as monthly basis. Above 6 is considered as 200 resistance surface. Possibility of 20 below 20, up to 20, 2.

Hindustan Unilever (closing price of Rs. At present the average of 15 days is 2013.8 and 5 days is 313.05 and 200 days is 202.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows overboat on daily basis, oversold position on weekly as well as monthly basis. Probability up to 2101, 2111, 2120, 214 above 206. Below 202 below 302 support counts.

Tata Motors (closing price of Rs. 31.18 dated 01-09-2) is in favor of reactionary improvement from the bottom of 4.5. At present, the average for 15 days is 7.5 and for 21 days it is 21.12 and for 200 days it is 313.5. Overbought to Neutral on a daily basis, Neutral on a weekly basis and Overbought to Neutral on a monthly basis. Possibility of up to 2, 3 if 4 jumps upwards. Below 2 counts below 20 support.

Wipro (closing price of Rs. At present the average for 15 days is 4.05 and for 8 days it is 8.10 and for 200 days it is 4.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows oversold on a daily basis, overboat on a weekly basis and oversold positions on a monthly basis. Above 214 counts as resistance surface. Possibility of 4 down to 2, 3, 4 below.

Bank Nifty Futures (Closed at 30.00 on 01-03-2) is in favor of reactionary correction from the bottom of 31.8. At present the average for 15 days is 313.8 and for 9 days it is 8.31 and for 200 days it is 3104.5. The daily MACD is pro-reform. Weekly MACD is pro-softening. Shows a position towards overboat on a daily basis as well as towards neutral on a monthly basis. Possibility of up to 200, 50, 50, 50, 610, 50. Below 50 counts as 20, 30 as support.

Nifty Futures (Closed 12.5 on 01-03-2) is in favor of reactionary correction from the bottom of 17.5. At present, the average for 15 days is 12.5 and for 12 days it is 1213.8 and for 200 days it is 120.8. The daily MACD is pro-reform. The weekly MACD is pro-softening. Overbot on a daily and weekly basis as well as a neutral position from Overbot on a monthly basis. If 1609 jumps above 120, the probability is up to 120, 12050, 1200. The bottom 12 counts as 150, the bottom 12 as support.

Sayonara

Never see flowers, never know the state of flowers, there are many quotas that everyone knows. -'Agan 'Rajyaguru

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