Soft undertone of the market: Scrip based fluctuations will be seen

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- Chart Indication - Ashok Trivedi

BSE index (close 64886.51 on 25-08-23) is soft from a top of 67319.17. Currently the 12 day average is 65420.11 and 48 day average is 65049.56 and 200 day average is 62116.82. 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 65106 above 65182, then 65624, 65914 resistance level is considered. Below 64372, below 64670, 64640, 64340, 64040 is possible. Monthly expiry is this week. There will be fluctuations depending on the scrip.

IRCTC (closing price Rs.658.25 on 25-08-23) is in favor of correction from the bottom of 612.38. Currently, the 12-day average is 648.53, the 48-day average is 637.81, and the 200-day average is 640.18. Daily and weekly MACD are bullish. It shows neutral position on daily and weekly basis and overbought position on monthly basis. Above 665 above 678, if possible up to 688, 701, 715. 640 below 648 is considered as support.

L&T Finance (closing price Rs.121.50 on 25-08-23) is bullish from a low of 116.50. Currently, the 12-day average is 124.12, the 48-day average is 122.42, and the 200-day average is 102.95. Daily MACD is bearish. The weekly MACD is bullish. Overbought on a daily basis, oversold on a weekly basis and overbought position on a monthly basis. Above 128 above 133 and 138 can fluctuate up to 142, 151, 160, 170. If 119 breaks below, 116.50 and 113 are considered as support.

Asian Paint (closing price Rs.3259.30 on 25-08-23) is soft from top of 3568. Currently, the 12-day average is 3223.63, the 48-day average is 3274.95, and the 200-day average is 3124.76. Daily and weekly MACD are bearish. Shows neutral on daily basis, oversold on weekly basis and overbought position on monthly basis. 3265 above 3282, 3308, 3334, 3360, 3386, 3412 possible. 3215 below 3170 considered support.

Central Bank (closing price Rs.35.75 on 25-08-23) favors correction from the bottom of 25.95. Currently, the 12-day average is 33.95, the 48-day average is 31.22, and the 200-day average is 27.71. Daily and weekly MACD are bullish. Shows overbought to neutral position on daily basis, overbought position on weekly as well as monthly basis. Above 37 above 39 and 42 are important surfaces. Above which the range of 45 to 53 is considered. 34 is considered as support in the low. In the long term, it can come up to 65 and 80.

Reliance (closing price Rs.2468.35 on 25-08-23) is bearish from a top of 2630.95. Currently 12 day average is 2519.28 and 48 day average is 2454.59 and 200 day average is 2309.05. Daily MACD is bearish. Weekly MACD is bullish. It shows oversold on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 2520 above 2550, 2574 are important resistance levels. Weakness will be seen below 2420 below 2442.

India Bull Real (closing price Rs.71.55 on 258-08-23) is bullish from the bottom of 58.05. Currently, the 12-day average is 65.36, the 48-day average is 64.92, and the 200-day average is 68.37. Daily MACD is bearish. Weekly MACD favors correction. It indicates neutral position on daily basis, oversold on weekly basis and neutral position on monthly basis. Above 72 and 76 are important surfaces. Above which the range of 88 to 95 is considered. Above which 102 can come around. 63 below 65 is considered as support.

Bank Nifty Future (close 44222.85 on 25-08-23) is soft from the top of 46500. Currently, the 12-day average is 44469.67, the 48-day average is 44629.97, and the 200-day average is 42726.35. Daily and weekly MACD are bearish. Shows oversold position on daily and weekly basis as well as overbought position on monthly basis. Possibility of above 45010, 45505, 45705, 45900. 43854 below 43785 below 43700, 43510, 43313 is possible.

Nifty futures (close 19250.30 on 25-08-23) is bearish from a top of 19981.55. Currently 12 day average is 19463.06 and 48 day average is 19342.16 and 200 day average is 18456.23. 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 19325 above 19375, 19410, 19480, 19503 are considered resistance levels. Below 19218 below 19150, 19070, 18990, 18910, 18822 are possible.

Sayonara

It is only sorrow, whose thirst cannot be quenched, otherwise the ocean of love is never salty. -Shekhadam Abuwala

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