Stock market entering critical phase: 3rd to 8th important turning

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The BSE index (close 66160.20 on 28-07-23) is soft from a top of 67619.17. Currently, the 12-day average is 66310.00, the 48-day average is 64446.58, and the 200-day average is 61386.77. Daily MACD is bearish. Weekly MACD is bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. The days of turning 3 to 8 gain are counted. Above 66351, 66430, 66730, 67030 are resistance levels. 65878 down to 65830, 65530, 65230, 64940, 64670 likely.

BHEL (closing price Rs.103.10 on 28-07-23) is bullish from the bottom of 67.60. Currently 12 day average is 96.71 and 48 day is 89.33 as well as 200 day is 78.12 daily and weekly MACD is in favor of correction. Shows overbought positions on daily, weekly as well as monthly basis. If above 104 rises to 113.60, there is a possibility of up to 121. 97 below 99 is considered support.

Aibul Housing Finance (closing price Rs.136.05 on 28-07-23) is bullish from the bottom of 91.80. Currently 12 day average is 123.35 and 48 day average is 119.05 and 200 day average is 121.75. Daily MACD is bearish. The weekly MACD is bullish. It shows the positions to overbought on a daily basis, overbought to neutral on a weekly basis and overbought on a monthly basis. Above 140 Kudav, 145 and 159 are considered important levels. Which in turn will lead to a long-term boom. 126 below 126 is considered as support.

Reliance (closing price Rs.2527.85 on 28-07-23) is in favor of correction from the bottom of 1979.13. Currently 12 day average is 2505.17 and 48 day average is 2384.18 and 200 day average is 2273.03. Daily MACD is bearish. The weekly MACD is bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 2547 above 2571, 2631 are important surfaces. Above which the possibility of 2380, 2723, 2764. 2469 down to 2431, 2389 likely.

RBL Bank (closing price Rs.234.10 on 28-07-23) is bullish from major bottom of 74.15. Currently 12 day average is 218.45 and 48 day average is 189.44 and 200 day average is 161.65. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 251.50 above 262, 274 possible. 224 below 217 support is counted as low. Below which 214, 199, 190 support is considered.

Axis Bank (closing price Rs.949.95 on 28-07-23) is bearish from the top of 990. Currently, the 12-day average is 967.02, the 48-day average is 952.53, and the 200-day average is 888.29. Daily MACD is bearish. The weekly MACD is bullish. Shows oversold position on daily and weekly basis as well as overbought position on monthly basis. Above 958 above 970 is a resistance level. Lows of 942 down to 934, 924, 913 are possible.

ICICI Bank (closing price Rs.996.20 on 28-07-23) is selling after going up to 1008.70. Currently, the 12-day average is 980.67, the 48-day average is 951.33, and the 200-day average is 897.54. Daily and weekly MACD are bullish. Oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 999 above 1007 resistance levels are considered. A low of 977 is possible down to 973, 967, 961, 955, 950, 943.

Bank Nifty Future (close 45675.00 on 28-07-23) is soft from a top of 46500. Currently, the 12 day average is 45636.25 and the 48 day average is 44626.65 and the 200 day average is 42310.75. Daily and weekly MACD are bullish. Oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 46000 above 46500 is considered as important resistance level. 45484 down to 45300, 45100, 44900, 44700, 44530 likely.

Nifty futures (close 19733.30 on 28-07-23) is bearish from a top of 19981.55. Currently, the 12 day average is 19663.31 and the 48 day average is 19127.38 and the 200 day average is 18229.19. Daily MACD is bearish. The weekly MACD is bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 19795 above 19820, 19873, 19900 resistance levels are considered. Below 19600, possibility of 19570, 19480, 19400, 19320, 19240, 19170.

Sayonara

In the heart we let everyone in but don't shake, you don't let anyone go where you live. -Unfortunately.

- Chart Indication - Ashok Trivedi


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