Stocks will witness a lopsided rout amid soft undertones

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- Chart Indication - Ashok Trivedi

The BSE index (close 61002.57 on 17-02-23) is soft from a top of 63583.06. Currently, the 12-day average is 60744.69, the 48-day average is 60663.38, and the 200-day average is 59143.43. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, neutral on a weekly basis and from overbought to neutral on a monthly basis. Above 61150, 61682 Kudo and 61785 are considered important levels. If 60750 breaks below 60245, then 59920, 59610, 59000, 58699 are considered as support.

ICICI Bank (closing price Rs.862.65 on 17-02-23) is bullish from the bottom of 796. Currently, the 12-day average is 860.28, the 48-day average is 872.29, and the 200-day average is 843.98. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily basis, towards overbought on weekly basis and overbought to neutral position on monthly basis. 867 above and possibility of 887 above 877. 852 support is considered as low.

LTIM (closing price Rs.4558.30 on 17-02-23) is bullish from a bottom of 4102.04. Currently, the 12 day average is 4654.99, the 48 day average is 4510.52 and the 200 day average is 4665.72. Daily and weekly MACD are bullish. Shows positions towards overbought on daily and weekly basis as well as oversold on monthly basis. Above 4975 above 5118, 5145 above, then 5335 is considered an important level. Above which the possibility of 5356, 5595, 5832. 4749 below 4700 is considered as support.

Havells (closing price Rs.1227.05 on 17-02-23) is in favor of correction from the bottom of 1169.10. Currently 12 day average is 1206.15 and 48 day average is 1191.50 and 200 day average is 1213.02. Daily and weekly MACD are bullish. A neutral position on a daily basis indicates an overbought basis and an overbought neutral position on a monthly basis. Above 1131 above 1140, 1143 above, then the range from 1164 to 1167 is considered. Below 1211, 1205, 1190 is considered support.

OFSS (closing price Rs.3231.65 on 17-02-23) is bullish from a bottom of 2977.25. Currently, the 12-day average is 3149.64, the 48-day average is 3092.24, and the 200-day average is 3155.88. Daily and weekly MACD are bullish. It shows positions towards neutral on daily basis, overbought on weekly basis and overbought on monthly basis. 3234 above 3255, 3351 possible. Above 3351, 3380 may come up to 3505, below 3170 below 3155 is considered support.

Tata Chemicals (closing price Rs.1018.85 on 17-02-23) is bullish from a bottom of 912. Currently, the 12 day average is 1006.08, the 48 day average is 995.33 and the 200 day average is 993.17. The daily MACD is bullish. The weekly MACD is bearish. It shows positions towards neutral on daily basis, overbought on weekly basis and oversold on monthly basis. Above 1035 above 1041, if possible up to 1046, 1067. 1011 below 1011 is considered as support.

Reliance (closing price Rs.2440.20 on 17-02-23) is in favor of correction from the bottom of 2293. Currently, the 12-day average is 2376.60, the 48-day average is 2447.02, and the 200-day average is 2494.39. The daily MACD is bullish. Weekly MACD is bearish. Shows overbought position on daily basis, oversold position on weekly as well as monthly basis. Above 2447 above 2466, 2495 are considered important levels. 2379 below 2408, 2350 is considered support.

Bank Nifty futures (close 41205.05 on 17-02-23) are soft with a top of 44248.55. Currently, the 12-day average is 41640.83, the 48-day average is 41997.79, and the 200-day average is 4084.67. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily basis, neutral on weekly basis and overbought to neutral position on monthly basis. Above 41340, 41575, 42037, 42252 are important resistance levels. Above which 42560, 42775 are considered important surfaces. Below 40950, 40766, 39718 are important support.

Nifty futures (closing price 17954.10 on 17-02-23) is bearish from a top of 18998.15. Currently 12 day average is 17924.68 and 48 day average is 18013.15 and 200 day average is 17621.57. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, to neutral on a weekly basis and from overbought to neutral on a monthly basis. Above 18020 above 18064 above 18150, then 18218, 18228, 18374 are considered important surfaces. 17893 below 17745, 17703, 17600, 17462 is possible to break down to 17320.

Sayonara

Bhala Vishwas, what is it? - Illness

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