Stock market entering critical phase 21 to 23 important turning

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- Chart Indication : Ashok Trivedi

The BSE index (close 58840.79 on 16-09-22) is soft from a top of 60676.12. Currently, the 12 day average is 59698.01, 48 day average is 58063.27 and 200 day average is 56437.74. The daily MACD is bearish. Shows overbought to neutral position on weekly basis and overbought position on monthly basis. 21st to 23rd are the days of turning of gain. Above 59020, 59230, 59435, 59643 resistance levels are considered. 58742 down to 58608, 58400, 58195, 57987 possible.

Berger Paints (closing price Rs.639.00 on 16-09-22) is bearish from a top of 687.95. Currently, the 12 day average is 662.17, the 48 day average is 647.30 and the 200 day average is 668.54. The daily MACD is bearish. Oversold on a weekly basis, as well as a neutral position on a monthly basis. Above are 636 resistance levels. If 636 breaks below 625, 615 is considered an important level.

Mahendra & Mahendra (closing price Rs.1250.10 on 16-09-22) is soft from the top of 1338. Currently 12 day average is 1296.81 and 48 day average is 1226.75 and 200 day average is 1017.12. The daily MACD is bearish. Weekly MACD is bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 1278 above 1290 resistance level is considered. 1227 below 1242 is an important level.

Dabur (closing price Rs.546.40 on 16-09-22) is soft from top of 602. Currently, the 12 day average is 5710.05, the 48 day average is 564.69 and the 200 day average is 551.14. The daily MACD is bearish. Weekly MACD is bullish. Shows oversold positions on a daily and weekly basis, as well as overbought positions on a monthly basis. Above are 564 resistance levels. 540, 533, 526 below 544 are important levels.

Hero Motor (closing price Rs.2685.20 on 16-09-22) is soft from the top of 2903. Currently 12 day average is 2839.29 and 48 day is 2791.29 and 200 day is 2648.91. Daily MACD is bearish. Weekly MACD is bullish. Daily and weekly charts indicate oversold positions as well as overbought positions on a monthly basis. Above 2804 above 2815 resistance level is considered. If 2670, 2650, 2640 breaks in the low, more softness will be seen.

Lorus Lab (closing price Rs.516.75 on 16-09-22) is bearish from a top of 605.50. Currently, the 12 day average is 554.41, the 48 day average is 547.42 and the 200 day average is 538.02. The daily MACD is bearish. Weekly MACD is bullish. Oversold on daily basis, towards oversold on weekly basis and neutral position on monthly basis. Above 543 above 553 resistance level is considered. Lows of 514 down to 511, 500, 489, 479 are possible.

Reliance (closing price Rs.2499.20 on 16-09-22) is soft from the top of 2670. Currently 12 day average is 2587.89 and 48 day average is 2567.48 and 200 day average is 2494.69. Daily and weekly MACD are bearish. Oversold on daily and weekly basis and neutral overbought to neutral position on monthly basis. Above 2533, above 2590 is the resistance level. 2475 below 2491 is an important level.

Bank Nifty Future (close 40850.00 on 16-09-22) is soft from a top of 41855.40. Currently, the 12 day average is 40375.00, the 48 day average is 38414.35 and the 200 day average is 36573.46. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly and monthly basis. Above 41211 above 41855 is an important resistance level. If 40567 breaks below 40250, then 40168, 39927, 39686, 39445 are possible.

Nifty futures (close 17560.10 on 16-09-22) is soft from the top of 18123.35, currently 12 days average is 17835.06 and 48 days is 17334.91 and 200 days is 16851.48. The daily MACD is bearish. Weekly MACD is bullish. Overbought on daily basis, from overbought to neutral on weekly basis and overbought position on monthly basis. Above 17643 above 17687, 17742 are resistance levels. 17521 down to 17468, 17414, 17360, 17304 possible.

Sayonara

The 'ruined' nights pass again and again, the morning does not fall, after you are gone. - Ruined Junagadhi

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