Stock market entering a critical phase, dt. 3 to 5 important turnings

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- Chart Indication- Ashok Trivedi

The BSE index (close 61112.44 on 28-04-23) is bullish from a low of 59412.81. Currently, the 12 day average is 59948.04 and the 48 day average is 59591.63 and the 200 day average is 59187.03. The daily MACD is bullish. Weekly MACD is bearish. Shows positions towards overbought on daily and weekly basis as well as oversold on monthly basis. May 3rd to 5th are the days of turning of gain. Possibility of 61550, 61683, 61960, 62370, 62770, 63170, 63853 above 61210. 60507, 60400, 60120 support is considered in the low.

Bharti Airtel (closing price Rs.799.30 on 28-04-23) is in favor of correction from the bottom of 738.85. Currently, the 12-day average is 769.65, the 48-day average is 768.22, and the 200-day average is 763.09. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily basis, towards overbought on weekly basis and oversold position on monthly basis. Possibility of 802 above 806, 813, 822, 830, 837, 845. 779 below 787 is considered support.

Central Bank (closing price Rs.30.35 on 28-04-23) is in favor of correction from the bottom of 22.25. Currently 12 day average is 23.87 and 48 day average is 26.24 and 200 day average is 24.91. The daily MACD is bullish. Weekly MACD is bearish. Shows positions towards overbought on daily and weekly basis as well as oversold on monthly basis. Above 31, 34, 42 are important surfaces. If it jumps, it will move towards 45 as well as 53. 27 below 92 is counted as support. To book profit as per own understanding.

Punjab National Bank (closing price Rs.52.25 on 28-04-23) is in favor of correction from the bottom of 44.40. Currently, the 12-day average is 48.96, the 48-day average is 48.93, and the 200-day average is 45.97. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, overbought on a weekly basis and oversold on a monthly basis indicate positions. Above 53 above 59, 62 are considered important surfaces. Above which 66 will move towards 71. 49 support is considered as low.

UCO Bank (closing price Rs.30.10 on 28-04-23) is in favor of correction from the bottom of 155.60, currently 12 day average is 172.32 and 48 day average is 168.08 and 200 day average is 152.00. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily and weekly basis as well as overbought to neutral position on monthly basis. Above 180 above 190 and 197 are considered important levels. If 172 breaks below, then 165 is considered support.

L&T Finance (closing price Rs.92.55 on 28-04-23) is bullish from a low of 78.95. Currently, the 12-day average is 88.72, the 48-day average is 87.72, and the 200-day average is 84.90. The daily MACD is bullish. Weekly MACD is bearish. Overbought on daily and weekly basis as well as overbought to neutral position on monthly basis. Above 93, 97, 99 are important surfaces. Then count 107, 113,122. If that happens, the possibility of fluctuations up to 126, 135, 144, 153, 163, 172. 88 support is considered as low.

Reliance (closing price Rs.2420.50 on 28-04-23) is bullish from the bottom of 2326. Currently, the 12 day average is 2352.06 and the 48 day average is 2346.65 and the 200 day average is 2434.27. Daily and weekly MACD are bullish. Shows overbought positions on daily and weekly basis as well as oversold positions on monthly basis. Above 2425 and 2435, 2464 is an important level. On top of that, the possibility of up to 2505, 2535. 2360, 2340 support is considered as low.

Bank Nifty Future (close 43230.10 dated 28-04-23) is bullish from a low of 38832.50. Currently, the 12-day average is 42252.34, the 48-day average is 41399.26, and the 200-day average is 40410.30. Daily and weekly MACD are bullish. Overbought on daily and weekly basis as well as overbought to neutral position on monthly basis. Possibility of 43273 above 43570, 43900, 44248. 42900 below 42700, 42400 is considered as support.

Nifty future (close 18112.50 on 28-04-23) is bullish from a bottom of 17583. Currently, the 12-day average is 17727.05, the 48-day average is 17662.90, and the 200-day average is 17581.41. The daily MACD is bullish. Weekly MACD is bearish. Shows positions towards overbought on daily and weekly basis as well as oversold on monthly basis. Above 18129 above 18150 then 18200, 18340, 18470, 18600, 18730, 18870 18998 are possible. 17965, 17920, 17790 support is considered in the low.

Sayonara

Don't ask me the experience of friends, now rely on enemies.

- Saif Palanpuri

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