Government banks will see reduced support amid market softness

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- Chart Indication - Ashok Trivedi

The BSE index (close 64948.66 on 18-08-23) is soft from a top of 67319.17. Currently, the 12 day average is 65656.01 and the 48 day average is 65009.91 and the 200 day average is 61954.56. 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 65175, above 65370, 65550, 65770 are considered resistance levels. Below 64754, below 64640, 64340, 64050, 63873 are possible.

Punjab National Bank (closing price Rs.62.80 on 18-08-23) is in favor of correction from the bottom of 43.85. Currently, the 12-day average is 61.78, the 48-day average is 58.54, and the 200-day average is 51.12. Daily and weekly MACD are bearish. The weekly MACD is bullish. Shows neutral to overbought positions on daily and weekly basis as well as overbought positions on monthly basis. Above 65.50 to 70, 75, 79, 83 possible. 60 support is considered as low.

Central Bank (closing price Rs.35.10 on 18-08-23) is in favor of correction from the bottom of 25.95. Currently, the 12-day average is 32.29, the 48-day average is 30.31, and the 200-day average is 27.33. Daily and weekly MACD are bullish. Shows overbought position on daily basis, neutral on weekly basis, and overbought position on monthly basis. Above 36.35 above 39.42 is considered an important level. Above which the range of 45 to 53 is considered. Support counts 32.

UCO Bank (closing price Rs.31.20 on 18-08-23) is bullish from the bottom of 22.25. Currently 12 day average is 28.90 and 48 day average is 2814 and 200 day average is 25.13. Daily and weekly MACD are bullish. Overbought on daily basis, neutral position on weekly as well as monthly basis. Above 31.75, 34, 38.15 are important levels. Above which the range of 40 to 47 is considered. 28 support is considered below.

India Bull Housing (closing price Rs.156.50 on 18-08-23) is bullish from a low of 91.80. Currently 12 day average is 157.65 and 48 day average is 136.72 and 200 day average is 126.59. Daily and weekly MACD is bullish. Daily shows neutral, weekly as well as monthly shows overbought position. Above 174 Kudav, 187, 200 possibility. Below 145, 138 is considered support.

Reliance (closing price Rs.2556.80 on 18-08-23) is bearish from a top of 2630.95. Currently 12 day average is 2536.21 and 48 day average is 2449.02 and 200 day average is 2306.66. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought to neutral positions on daily and weekly basis as well as overbought position on monthly basis. Above 2578 above 2583, then 2590, 2630 are considered important levels. If 2468 breaks below 2500, then 2420 is considered as support.

Bank Nifty Future (close 43964.70 on 18-08-23) is soft from the top of 46500. Currently, the 12 day average is 44688.09, the 48 day average is 44715.11 and the 200 day average is 42648.11. Daily and weekly MACD are bearish. Shows oversold positions on daily and weekly basis as well as overbought positions on monthly basis. Above 44310 above 44570, 44680 are considered resistance levels. A low of 44785 to 43710, 43510, 43313 is possible.

Nifty futures (close 19331.50 on 18-08-23) is bearish from a top of 19981.55. Currently 12 day average is 19553.69 and 48 day average is 19331.06 and 200 day average is 18408.40. Daily MACD is bearish. The weekly MACD is bullish. Shows oversold positions on daily and weekly basis as well as overbought positions on monthly basis. Above 19380 above 19410, 19490, 19570 resistance levels are considered. 19270 down to 19240, 19160, 19075, 18990, 18940 possible.

Sayonara

I will fight anger with great courage, but if I fight wrongly, save me. -Anjana Goswami 'Anjum Anand'

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