Stocks will continue to soften in the short term

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The BSE index (close 62181.67 on 09-12-22) is soft from a top of 63583.06. Currently, the 12-day average is 62467.43, the 48-day average is 60917.38, and the 200-day average is 58142.11. Daily MACD is bearish. The weekly MACD is bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 62420 above 62655, 62735 are resistance levels. A low of 61889 to 61720, 61260, 60790 is possible. Government bank forms can be taken low.

Coromandel (closing price Rs.961.40 on 09-12-22) is bullish from the bottom of 886.30. Currently, the 12-day average is 925.64, the 48-day average is 947.61, and the 200-day average is 931.70. Daily MMACD is pro-reform. Weekly MACD is bearish. Overbought on a daily basis, neutral on a weekly basis and a neutral position on a monthly basis. Above 976 to 990, 1003, 1015 possible. 937 below 950 is considered as support.

Central Bank (closing price Rs.33.15 on 09-12-22) is in favor of correction from the bottom of 24.20. Currently, the 12-day average is 26.55, the 48-day average is 23.32, and the 200-day average is 20.57. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 35, 38, 45 and 45 can be extended to 52, 60, 66, 73, 80. 26 support is counted as low. Keep selling.

Sunpharma (closing price 992.85 on 09-12-22) is soft from a top of 1058.30. Currently 12 day average is 1023.63 and 48 day average is 997.66 and 200 day average is 911.03. Daily MACD is bearish. The weekly MACD is bullish. Oversold on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 1000 above 1022, 1035 resistance level is considered. Lows of 975 to 964, 946, 929, 911, 898 are possible.

Reliance (closing price Rs.2609.10 on 09-12-22) is soft from top of 2755. Currently 12 day average is 2662.47 and 48 day average is 1584.41 and 200 day average is 2514.02. Daily and weekly MACD are bullish. Oversold on a daily basis, overbought on a weekly basis and overbought on a monthly basis indicate positions. Above 2680 above 2730 is considered an important level. Then 2755 is counted. 2600 down to 2579, 2545, 2515 possible.

Bank of Baroda (closing price Rs.188.60 on 09-12-22) is bullish from the bottom of 124. Currently 12 day average is 172.78 and 48 day average is 156.46 and 200 day average is 126.02. Daily and weekly MACD are bullish. Shows overbought position on daily weekly as well as monthly basis. Above 197, 201, 209 and 216 are important levels. 176 support is considered as low. A fresh take is not necessary.

Indus Ind Bank (closing price Rs.1202.50 on 09-12-22) is bullish from the bottom of 1117. Currently 12 day average is 1176.77 and 48 day average is 1157.47 and 200 day average is 1053.75. The daily MACD is bullish. The weekly MACD is bearish. Shows neutral on daily basis, overbought on weekly basis and from overbought to neutral on monthly basis. Above 1216 Kudav, then possibility up to 1226, 1236, 1246. Below 1194, 1180 is considered support.

Bank Nifty Future (close Rs.43756.55 on 09-12-22) is soft from a top of 43986.15. Currently, the 12 day average is 43260.13, the 48 day average is 41775.88 and the 200 day average is 38672.33. The daily MACD is bearish. Weekly MACD is bullish. Shows overbought positions on daily, weekly and monthly basis. Above 4986 above 44190, 44390 is considered resistance level. 43551 below 43178, 43060 is possible to break down to 42775, 42370, 41970.

Nifty futures (close Rs.18571.90 on 09-12-22) are soft with a top of 18998.85. Currently 12 day average is 18675.45 and 48 day average is 18168.32 and 200 day average is 17343.17. 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 18650 above 18720, 18777 resistance levels are considered. 18515 down to 18440, 18300, 18150, 18020 possible.

Sayonara

If it can be erased, then where is the opportunity, the lines were very thin - Saif Palanpuri

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