Stocks will continue to depreciate slowly

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- Chart Indication : Ashok Trivedi

The BSE index (close 61337.81 on 16-12-22) is soft from a top of 63583.06. Currently, the 12 day average is 62345.32, the 48 day average is 61170.35 and the 200 day average is 58343.14. Daily MACD is bearish. The weekly MACD is bullish. Shows neutral on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 61893 above 62190 resistance level is considered. A low of 61292 to 61260, 60790, 60330 is possible.

ABB (closing price Rs.2838.50 on 16-12-22) is bearish from the top of 3292. Currently 12 day average is 2991.32 and 48 day is 3046.67 as well as 200 day is 2730.00 daily and weekly MACD is bearish. Oversold on daily and weekly basis as well as overbought to neutral position on monthly basis. Above 2940 above 3015 resistance level is considered. 2825 down to 2783, 7230, 2650 possible.

Bank of India (closing price Rs.91.05 on 16-12-22) is bearish from a top of 103.50. Currently, the 12-day average is 92.91, the 48-day average is 75.92, and the 200-day average is 58.50. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 97 above 100, 103 are resistance levels. Low 90 possible to 89, 85, 82. The long-term trend is in favor of reform.

ICICI Bank (closing price 902.00 on 16-12-22) is soft with a top of 958.20. Currently, the 12 day average is 926.02, the 48 day average is 912.08 and the 200 day average is 829.57. Daily and weekly MACD are bearish. Oversold on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 920 above 928 resistance level is considered. Lows of 899 down to 897, 890, 882, 875, 867 are possible.

Infosys (closing price 1522.20 on 16-12-22) is bullish from a top of 1672.60. Currently 12 day average is 1585.18 and 48 day average is 1556.05 and 200 day average is 1536.24. Daily MACD is bearish. The weekly MACD is bullish. Oversold on a daily basis indicates a position from overbought to neutral on a weekly basis and overbought on a monthly basis. Above 1560 above 1588 resistance level is considered. If it breaks below 1512, there is a possibility of 1506, 1485, 1467.

ITC (closing price 335.10 on 16-12-22) is bearish from a top of 361.45. Currently, the 12-day average is 341.43, the 48-day average is 339.68, and the 200-day average is 301.17. Daily and weekly MACD are bearish. Shows overbought to neutral on daily basis, oversold on weekly basis and overbought position on monthly basis. Above 340 above 447 resistance level is considered. 323 below 331 is considered an important level.

Titan (closing price 2482.15 on 16-12-22) is soft from top of 2665. Currently 12 day average is 2589.38 and 48 day average is 2611.45 and 200 day average is 2453.59. The daily and weekly MACD are pro-runs. Shows oversold positions on daily and weekly basis as well as overbought positions on monthly basis. Above 2547 above 2588 resistance level is considered. 2480 down to 2425 is possible.

Bank Nifty Future (closing price 43185.00 on 16-12-22) is bearish from a top of 44248.55. Currently, the 12-day average is 43613.88, the 48-day average is 42173.80, and the 200-day average is 38926.91. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 43654 above 43830 resistance level is considered. A low of 43185 to 42980, 42560, 42150 is possible.

Nifty futures (closing price 18330.00 on 16-12-22) is bearish from a top of 18998.85. Currently 12 day average is 18642.28 and 48 day average is 18253.44 and 200 day average is 17405.99. Daily MACD is bearish. The weekly MACD is bullish. Shows neutral on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 18440 above 18488, 18580, 18720 resistance levels are considered. 18313 below 18300, 18150, 18020 possible.

Sayonara

What to do with the sum of seven births? A man who is tired of this one birth. - Agan Rajyaguru.

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