Index 55090 and Nifty Future 16425 important support

- Chart Hint: Ashok Trivedi

The BSE Index (Closed 7.5 on 7-08-2) is in favor of a reactionary correction from the bottom of 7.31. At present, the average for 15 days is 6.5 and for 8 days it is 4.5 and for 200 days it is 304.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Overboats on a daily basis show neutral positions on a weekly basis as well as neutral positions from an overboat on a monthly basis. Possibility of up to 20, 2, 30 above. The bottom 20, 2030 counts as support. If the market opens with a big gap, make a profit in a boom but don't take anything new. If it opens below the big gap, build a profit in a recession but don't sell new ones. Now the new loan requires caution.

Cummins India (closing price of Rs. At present, the average for 15 days is 1013.5 and for 10 days it is 105.05 and for 200 days it is 8.3. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows positions towards overboat on daily basis, neutral on weekly basis as well as overbought to neutral on monthly basis. Possibility up to 1061, 106, 108 above 108 above. Below 108 is considered as 8 support.

Hindalco (Closed Price Rs. 206.5 Dt. 09-08-2) has come down to 5.5 and is in the sideways. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows neutral position on daily basis, weekly as well as monthly position. Possibility of up to 5, 6, 7 if 5 jumps upwards. Below is considered 204 support.

JSW Steel (Closed Price Rs. 6.3 dated 06-08-2) is in favor of reactionary correction from the bottom of 20.05. At present the average for 15 days is 6.11 and for 8 days it is 4.5 and for 200 days it is 8.05. Daily and weekly MACDs are mild. Overbought on a daily basis, oversold on a weekly basis and overbought on a monthly basis. Possibility of up to 3, 4, 5, 206, 21 above. The following is considered support.

Tata Communications (closing price of Rs. 31.50 on 08-08-2) is in favor of reactionary correction from the bottom of 209.50. At present the average for 15 days is 90.05 and for 10 days it is 104.5 and for 200 days it is 1405.50. The daily MACD is pro-reform. The weekly MACD is pro-softening. Overbought on a daily basis, showing neutral, oversold positions on a weekly and monthly basis. Probability up to 5, 1012, 105, 1020, 1040 above 50. The bottom 21 counts as support.

Trent (closing price Rs. At present, the average for 15 days is 104.51 and for 11 days it is 116.5 and for 200 days it is 105.05. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows the overbought on a daily basis, the neutral position on a weekly basis and the overbought neutral position on a monthly basis. If 115 jumps above 115, chances are up to 115, 115. Below 1111 below 108 support counts.

Gujarat Narmada Valley (closing price of Rs. 31.5 dt. 05-06-9) is in favor of reactionary improvement from the bottom of 8.30. At present, the average for 15 days is 4.5 and for 8 days it is 206.15 and for 200 days it is 90.5. Daily and weekly MACDs are soft. Overbought on a daily basis, oversold on a weekly basis, and overbought on a monthly basis. If you jump 5 on top of 5, chances are up to 205, 214, 20. The following is considered support.

Bank Nifty Futures (Closed 31.00 dated 07-03-2) is in favor of reactionary correction from the bottom of 2008.15. At present the average for 15 days is 3191.50 and for 8 days it is 8.05 and for 200 days it is 8.15. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows a position towards neutral on a daily basis as well as on a monthly basis. Possibility of up to 200, 2, 30, 5, 20 above 50. At the bottom, 30,612 counts as support.

Nifty Futures (Closed 1901.00 on 08-08-2) is in favor of reactionary correction from the bottom of 120. At present, the 12-day average is 12.5 and the 9-day is 18.15 and the 200-day is 18.30. The daily MACD is pro-correction. The weekly OMACD is pro-softening. Shows the position of Overboat on a daily basis, Neutral on a weekly basis and Overboat to Neutral on a monthly basis. Up to 1500 up to 150, up to 15 possibilities. Below 150 counts as 15 support.

Sayonara

Where does the idea come from? Where does the idea go? I was overwhelmed by the thought! -Harish Thakkar