Index 65592 and Nifty Future 19690 important support levels

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- Chart Indication - Ashok Trivedi

BSE index (close 6609.15 on 22-09-23) is soft from a top of 67927.23. Currently, the 12 day average is 66753.06, the 48 day average is 65795.40 and the 200 day average is 62835.39. Daily and weekly MACD are bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 66700 do not stay in recession. 66700 to 66930, 67130, 67330, 67550 possible. 67927 Kudave then 68170, 6835068530 possibility. 65952 down to 65720, 65520, 65324, 65120, 64920 possible. The week of monthly expiry is to handle.

Cipla (closing price Rs.1185.90 on 22-09-23) is bearish from a top of 1277.90. Currently, the 12-day average is 1233.61, the 48-day average is 1186.05, and the 200-day average is 1062.76. Daily MACD is bearish. The weekly MACD is bullish. Oversold on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 1220 above 1231 resistance level is considered. 1168 down to 1140, 1115 likely.

ICICI Bank (closing price Rs.950.30 on 22-09-23) is bearish from a top of 997.50. Currently, the 12-day average is 977.89, the 48-day average is 965.99, and the 200-day average is 915.48. Daily and weekly MACD are bearish. Shows oversold position on daily basis, neutral on weekly basis and overbought position on monthly basis. 983 resistance levels are considered above. Lows of 946 down to 934, 920, 910, 895 are possible.

PI Industries (closing price Rs.3415.60 on 22-09-23) is bearish from a top of 3981.02. Currently, the 12-day average is 3590.93, 48-day average is 3648.53, and 200-day average is 3449.63. Daily and weekly MACD are bearish. Oversold on daily and weekly basis as well as overbought to neutral position on monthly basis. Above 3507 above 3577 is the resistance level. Lows of 3410 to 3360, 3290, 3220 are possible.

Reliance (closing price Rs.2354.95 on 22-09-23) is soft from a top of 2483. Currently, the 12-day average is 2426.38, the 48-day average is 2440.52, and the 200-day average is 2329.95. Daily and weekly MACD are bearish. Shows oversold positions on daily and weekly basis as well as overbought positions on monthly basis. Above 2418 above 2428 is the resistance level. If 2330 breaks below 2350, then 2310, 2295, 2255, 2215 are possible.

Tata Motors (closing price Rs.620.45 on 22-09-23) is soft from a top of 647. Currently, the 12-day average is 626.82, the 48-day average is 611.97, and the 200-day average is 532.93. The daily MACD is bullish. Weekly MACD is bearish. Shows overbought positions on daily, weekly as well as monthly basis. Above 647 above 664 is a resistance level. If 610 breaks below 593, then 590, 572, 555 are possible.

India Bull Real Estate (closing price Rs.78.35 on 22-09-23) is in favor of correction from the bottom of 62.30. Currently, the 12-day average is 78.14, the 48-day average is 72.56, and the 200-day average is 70.23. Shows neutral on daily basis, overbought position on weekly as well as monthly basis. Above 82 above 85 is considered important level. Above that the range of 94 to 102 is considered. 75 below 73 and 70 are considered support.

Bank Nifty future (close 44677.60 on 22-09-23) is soft from a top of 46375.90. Currently, the 12-day average is 45420.79 and the 200-day average is 43140.20. The daily MACD is bullish. Weekly MACD is bearish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 45100 above 45395 above do not stay in recession. Above 45395 45840, 46117, 46376 are considered resistance levels. Lower 44589 likely to 44430, 44270, 43785.

Nifty future (close 19708.25 on 22-09-23) is soft from the top of 20270. Currently 12 day average is 19922.81 and 48 day average is 19597.24 and 200 day average is 18681.24. Daily and weekly MACD are bullish. Shows oversold positions on daily basis, overbought positions on weekly as well as monthly basis. Above 19825, 19895, 19931, 20160 are resistance levels. Do not stay in depression above 19900. Possibility of 19610, 19540, 19480, 19350 below 19690.

Sayonara

I am the one to forget, she used to say to me, by saying that she forgot me.

-Kailas Pandit.

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