In the new year, investors should be cautious in the stock market...

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- Chart Indication Ashok Trivedi

- Reader friends, "Sal Mubarak" on 26-10-22, starting from Wednesday, I wish you all to choose benefit from body, mind and wealth.

The BSE index (close 59307.15 on 21-10-22) is bullish from a low of 56147.23. Currently, the 12-day average is 58336.68, the 48-day average is 58076.55, and the 200-day average is 56787.46. Daily and weekly MACD are bearish. Overbought on a daily basis, neutral on a weekly basis and overbought on a monthly basis. Up to 59951 UP 49830, 60115 possibility. Below 59132, 58970, 58695 are considered support.

Adani Enterprises (closing price Rs.3311.92 on 21-10-22) is bullish from a bottom of 3110.20. Currently 12 day average is 3300.43 and 48 day is 3232.05 as well as 200 day is 2514.31 Daily MACD is bearish. The weekly MACD is bullish. Overbought on daily basis, oversold on weekly basis and overbought position on monthly basis. 3350 above, 3365 above 3407, 3450, 3498, 3545, 3590 possible. 3245 support is considered as low.

Canara Bank (closing price Rs.268.55 on 21-10-22) is in favor of correction from the high of 207.50. Currently, the 12-day average is 238.02, the 48-day average is 232.09, and the 200-day average is 214.77. Daily and weekly MACD are bullish. Shows overbought position on daily basis, neutral on weekly basis, and overbought position on monthly basis. If above 271 Kudawa then 275, 281, 287 is possible. 250 below 259 is considered as support.

Bank of Baroda (closing price Rs.143.55 on 21-10-22) is in favor of correction from the bottom of 124. Currently, the 12-day average is 135.33, the 48-day average is 130.16, and the 200-day average is 111.79. Daily and weekly MACD are bullish. Shows overbought position on daily weekly as well as monthly basis. Possibility of 144 above to 157 above. 135 support is considered as low.

Adani Port (closing price Rs.801.65 on 21-10-22) is bullish from a bottom of 771.65. Currently, the 12-day average is 811.18, the 48-day average is 829.55, and the 200-day average is 777.16. Daily and weekly MACD are bearish. Shows overbought on daily basis, oversold on weekly basis and neutral position on monthly basis. Above 826 above 835 then 839, 854, 866, 884, 893, 905 are possible. 789 is considered support below 795.

Union Bank (closing price Rs.49.15 on 21-10-22) is bullish from the bottom of 41.90. Currently, the 12-day average is 44.86, the 48-day average is 43.13, and the 200-day average is 39.79. Daily and weekly MACD are bullish. Overbought on daily basis shows overbought to neutral on weekly basis and overbought position on asic basis. Above are 52 important surfaces. Above which further improvement is seen. 45 support is considered as low.

Reliance (closing price Rs.2471.60 on 21-10-22) is bullish from the bottom of 2311. Currently 12 day average is 2432.44 and 48 day average is 2474.27 and 200 day average is 2479.05. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, neutral on a weekly basis and oversold on a monthly basis shows the position. Above 2490 or 2528 above 2535, if possible up to 2558, 2580. Below 2438, 2445 is considered support.

Bank Nifty Future (close 40854.20 on 21-10-22) is bullish from a low of 37524.55. Currently, the 12-day average is 39677.28, the 48-day average is 39099.24, and the 200-day average is 37201.15. Daily and intra-weekly MACD are bullish. Overbought on daily basis, overbought to neutral position on weekly basis and overbought position on monthly basis. Above 41030 to 41320, 41590, 41855 possible. Below 40600, 40396, 40230, 39900 are considered as support.

Nifty futures (close 17574.90 on 21-10-22) is bullish from a bottom of 16764.25. Currently 12 day average is 17319.04 and 48 day average is 17294.68 and 200 day average is 16942.48. Daily and weekly MACD are bearish. Overbought on a daily basis, neutral on a weekly basis and overbought on a monthly basis. Above 17615 above 17666, if possible up to 17700, 17790, 17870. 17385 support is considered as low.

Sayonara

As much as the flowers are dyed, you will get a life that smells like a flower. - Khalil Dhantejvi.

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