Stock market entering a critical phase... 20th to 23rd important turning

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- Chart Indication - Ashok Trivedi

The BSE index (close 63384.58 on 16-06-23) is bullish from a low of 61251.70. Currently, the 12 day average is 62801.96, the 48 day average is 61727.74 and the 200 day average is 60074.33. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought positions on daily, weekly as well as monthly basis. 20th to 23rd are the days of turning of gain. If above 63520 above 63583 then 63990, 64400 is possible. Understanding weakness below 62871 in lows. Then 62594 significant surfaces are counted.

Cipla (closing price Rs.1006.05 on 16-06-23) is bullish from the bottom of 852. Currently, the 12-day average is 970.47, the 48-day average is 947.28, and the 200-day average is 980.61. Daily and weekly MACD are bullish. Shows overbought on daily and weekly basis as well as neutral position on monthly basis. Above 1007 to 1019, 1040, 1058 possible. 975 below 985 is considered as support.

Godrej Property (closing price Rs.1536.55 on 16-06-23) is bullish from the bottom of 1005. Currently 12 day average is 1454.66 and 48 day average is 1350.91 and 200 day average is 1298.46. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 1590 above 1614, 1701, 1800 possible. Below 1525, 1469, 1450 is considered support.

L&T Finance (closing price Rs.118.25 on 16-06-23) is bullish from a low of 78.95. Currently, the 12-day average is 108.32, the 48-day average is 99.79, and the 200-day average is 89.82. Daily and weekly MACD are pro. Shows overbought positions on daily, weekly as well as monthly basis. If above 122 Kudawa then 126, 134, 144, 154, 160, 172 can come in the long run. 108 support is considered as low. To book profit as per own understanding.

HDFC Bank (closing price Rs.1602.75 on 16-06-23) is bearish from a top of 2821.41. Currently 12 day average is 1604.98 and 48 day average is 1618.69 and 200 day average is 1569.89. Daily and weekly MACD are bearish. Shows oversold on daily and weekly basis and overbought to neutral position on monthly basis. Above 1612 is the resistance level. Low 1570, below 1540, 1515 possible.

HDFC (closing price Rs.2650.45 on 16-06-23) is soft from a top of 2821.41. Currently 12 day average is 2648.14 and 48 day average is 2663.62 and 200 day average is 2573.25. Daily and weekly MACD are bearish. Oversold on daily and weekly basis as well as overbought to neutral position on monthly basis. Above 2675 resistance level is considered. 2612 down to 2573 possible in low. Low possibility. If it breaks below 1404 below 1370, it means weakness.

Reliance (closing price Rs.2577.40 on 16-06-23) is in favor of correction from the bottom of 2180. Currently, the 12-day average is 2505.40, the 48-day average is 2449.92, and the 200-day average is 2446.31. Daily and weekly MACD are bullish. Overbought on a daily basis, overbought to neutral on a weekly basis and overbought on a monthly basis. Above 2583 up to 2611, 2631, 2675 possible. 2520 support is considered below 2539 in low.

Bank Nifty Future (close 44023.85 on 16-06-23) is bullish for a correction from the top of 44545.50. Currently, the 12 day average is 44052.90, the 48 day average is 43330.42 and the 200 day average is 41406.72. Daily MACD is bearish. The weekly MACD is bullish. Daily, oversold basis, semi-weekly as well as monthly basis shows overbought position. Above 44235 above 44310, 44440 resistance level. Below 43600, 43526, 43350, 43150 are considered support.

Nifty futures (close 18893.05 on 16-06-23) is bullish from the bottom of 18084.05. Currently 12 day average is 18684.18 and 48 day average is 18353.15 and 200 day average is 17839.60. Shows overbought position on daily weekly as well as monthly basis. Above 18955 above 19000 are important resistance levels. Which is possible up to 19140, 19270. 18771, 18734, 18715, 18618 support is considered in the low. Be careful under 18734.

Sayonara

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- Prashant Somani

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