It is imperative to avoid fresh selling amid biased moves in stocks

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- Chart Indication - Ashok Trivedi

The BSE index (close 60621.77 on 20-01-2023) is soft from a top of 63583.06. Currently, the 12 day average is 60588.58, the 48 day average is 60835.30 and the 200 day average is 58866.16. The daily MACD is bullish. Weekly MACD is bearish. Shows overbought on daily basis, oversold on weekly basis and overbought position on monthly basis. Above 61110, 61394, improvement is seen. 61394 up to 61420, 61670, 61900, 62000 possible. 60470 below 60470 is considered support. If 59628 breaks below that, there is a possibility of 59400, 58395, 58470.

Adani Ports (closing price Rs.774.45 on 20-01-2023) is soft with a top of 916. Currently, the 12-day average is 796.44, the 48-day average is 830.75, and the 200-day average is 809.10. Daily and weekly MACD are bearish. Oversold on daily and weekly basis as well as oversold position on monthly basis. Above 797 above 808 resistance level is considered. A low of 771 is possible down to 754, 733.

Indian Hotel (closing price Rs.295.55 on 20-01-23) is soft from a top of 335.90. Currently, the 12-day average is 308.50, the 48-day average is 315.22, and the 200-day average is 283.86. Daily and weekly MACD are bearish. Oversold on a daily basis, to oversold on a weekly basis and from overbought to neutral on a monthly basis. Above 306 above 311 resistance level is considered. If 294 breaks down to low, 286, 283, 278, 269, 260 are possible.

Jubilant Food (closing price Rs.510.00 on 20-01-23) is bullish from the bottom of 485.60. Currently, the 12-day average is 501.72, the 48-day average is 525.54, and the 200-day average is 567.12. The daily MACD is bullish. Weekly MACD is bearish. On a daily basis OvpBot shows oversold positions on a weekly as well as a monthly basis. 512 above, 517, 527, 537, 548 possible. 492 below 500 is considered as support.

L&T Finance (closing price Rs.94.70 on 20-01-23) is bullish from a low of 81.40. Currently, the 12-day average is 92.76, the 48-day average is 88.75, and the 200-day average is 82.07. Daily and weekly MACD are bullish. Shows overbought position on daily basis, neutral on weekly basis and overbought position on monthly basis. Above 97, 107, 116, 122 and 122, then 126, 135, 144, 153, 162, 172 are possible. 92 below 94 is considered support in the low.

Tata Consumer (closing price Rs.738.45 on 20-01-23) eased from a high of 821.95. Currently, the 12 day average is 755.77, the 48 day average is 774.53 and the 200 day average is 772.22. Daily and weekly MACD are bearish. Shows positions towards oversold on daily and weekly basis as well as oversold on monthly basis. Above 748 above 755 is considered a resistance level. A low of 736 below 719, 704, 697 and 697 is possible up to 689, 674, 659, 645.

Titan (closing price Rs.2371.30 on 20-01-23) is bearish from a top of 2626.25. Currently 12 day average is 2450.78 and 48 day average is 2530.60 and 200 day average is 2462.79. Daily and weekly MACD are bearish. Oversold on daily and weekly basis as well as overbought neutral position on monthly basis. Above 2430 above 2445 resistance level is considered. Low 2353 possible down to 2304, 2243, 2190.

Bank Nifty futures (close 42459.10 dated 20-01-23) are soft from a top of 44248.55. Currently, the 12-day average is 42522.43, the 48-day average is 42502.10, and the 200-day average is 39769.41. Daily and weekly MACD are bearish. Neutral on daily basis, oversold on weekly basis and overbought position on monthly basis. Above 42805 and 42880 improvement seen above 42880 42945, 43110, 43270, 43440, 43600, 43710 are considered important levels. 41972, 41880, 41640 are important supports in the lows.

Nifty futures (close 18055.95 on 20-01-23) is bearish from a top of 18998.85. Currently 12 day average is 18085.91 and 48 day average is 18161.38 and 200 day average is 17565.74. Daily and weekly MACD are bearish. Shows overbought on daily basis, oversold on weekly basis and overbought position on monthly basis. Above 18115, 18190, 18228 see revision. 18228 up to 18262, 18335, 18410, 18490, 18550 possible. Below 18036, 17960, 17820 are considered support. 17820 down to 17740, 17617, 17460 possible.

Sayonara

As exceptions become the rule, the face of truth constantly changes.

- Krunal Shah


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