Stocks will see a surge in selling: the undertone is soft

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- Chart Indication-Ashok Trivedi

The BSE index (close 59463.93 on 24-02-23) is soft from a top of 63583.06. Currently, the 12-day average is 60446.79, the 48-day average is 60597.34, and the 200-day average is 59201.59. Daily and weekly MACD are bearish. Oversold on daily basis, oversold on weekly basis and overbought to neutral position on monthly basis. Above 59910 60105, 60295, 60830 resistance levels are considered. A low of 59325 to 59000, 58699, 58390 is possible.

Ashok Leyland (closing price Rs.141.30 on 24-02-23) is bearish from a top of 156.30. Currently, the 12-day average is 146.98, the 48-day average is 147.58, and the 200-day average is 144.11. Daily and weekly MACD are bearish. Oversold on daily basis, oversold position on weekly as well as monthly basis. Above are 146 resistance levels. A low of 139 is possible down to 135. If it goes down to 135, there is a possibility of 133, 131, 122.

Astral (closing price Rs.1866.85 on 24-02-23) is bearish from a top of 2129.95. Currently 12 day average is 1926.20 and 48 day average is 1982.82 and 200 day average is 2001.23. Daily and weekly MACD are bearish. Shows oversold positions on daily weekly as well as monthly basis. Above 1915 above 1960 is the resistance level. Low 1803, below 1780, 1713 possible.

HDFC AMC (closing price Rs.1815.25 on 24-02-23) is bearish from a top of 2314.65. Currently, the 12-day average is 1860.41 and the 48-day average is 1978.36 and the 200-day average is 2062.65. Daily and weekly MACD are bearish. Daily weekly as well as monthly shows grossly oversold position. Above 1853 above 1885 resistance level is considered. A low of 1763 is possible down to 1734, 1693, 1652.

Larson (closing price Rs.2134.05 on 24-02-23) is bearish from a top of 2297.65. Currently, the 12-day average is 2188.03, the 48-day average is 2151.78, and the 200-day average is 1970.63. Daily and weekly MACD are bearish. Towards oversold on a daily basis. Shows neutral on weekly basis and overbought position on monthly basis. Above 2190 above 2241 resistance level is considered. A low of 2118 is possible down to 2082, 2072.

PVR (closing price Rs.1597.70 on 24-02-23) is bearish from the top of 1771.40. Currently 12 day average is 1659.96 and 48 day average is 1700.24 and 200 day average is 1744.50. Daily and weekly MACD are bearish. Shows oversold positions on daily, weekly as well as monthly basis. Above 1638 above 1658 is the resistance level. Low 1593, below 1533, 1471 possible.

HDFC Life (closing price Rs.482.85 on 24-02-23) is bearish from a top of 620.60. Currently, the 12-day average is 507.71, the 48-day average is 542.74, and the 200-day average is 563.04. Daily and weekly MACD are bearish. Shows oversold positions on daily, weekly as well as monthly basis. Above 501 above 511 resistance level is considered. A low of 473 is possible down to 447, 420.

Bank Nifty Future (close 40145.00 on 24-02-23) is soft from a top of 44248.55. Currently 12 day average is 40960.03 and 48 day is 40719.42 and 200 day is 40106.79. Daily and weekly MACD are bearish. Oversold on a daily basis, to oversold on a weekly basis. Also showing overbought to neutral position on monthly basis. Above 40622 above 40835, 41000 resistance level is considered. 39718 below 39597, 39200 likely.

Nifty futures (closing price 17560.00 on 24-02-23) is bearish from a top of 18998.15. Currently, the 12-day average is 17801.60, the 48-day average is 17961.16, and the 200-day average is 17627.55. Daily and weekly MACD are bearish. Oversold on daily basis, oversold on weekly basis and overbought to neutral on monthly basis. Above 17700, 17770, 17800, 17900 resistance levels are considered. 17461 down to 17320, 17250 possible.

Sayonara

I think love is just a history, first it seems truth then illusion. - uncompromising

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