Index 69900 and Nifty Future 21000 key supports...

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- Chart Indication - Ashok Trivedi

The BSE index (close 71106.96 on 22-12-23) is bullish from a low of 63092.98. Currently, the 12 day average is 70161.73, the 48 day average is 67682.17 and the 200 day average is 64675.71. Daily and weekly MACD are bullish. Shows positions towards overbought on daily and weekly basis as well as overbought on monthly basis. Above 71259 above, if it goes up to 72000, 72670, 73350. If 69900 breaks below 69100, weakness will increase. There seems to be ample possibility of a correction in the market.

Crompton (closing price Rs.301.80 on 22-12-23) is bullish from a bottom of 275.30. Currently, the 12-day average is 294.89, the 48-day average is 292.14, and the 200-day average is 299.28. It shows neutral position on daily and weekly basis as well as oversold position on monthly basis. Above 308 above 312 and 320, the long-term trend will favor correction. 328 above 328, 345 possible. 288 below 296 is counted as support.

IOB (closing price Rs.42.95 on 22-12-23) has seen profitable selling above 47.50. Currently, the 12-day average is 43.38, the 48-day average is 41.28, and the 200-day average is 33.78. The daily MACD is bullish. Weekly MACD is bearish. Shows positions from overbought to neutral on daily basis, neutral on weekly basis and overbought to neutral on monthly basis. Above 47.50, 51 is an important level. Above which 56, 67, 85 can come in the long term. 38 support is considered below 40.75 in low.

Punjab National Bank (closing price Rs.89.25 on 22-12-23) 92 has seen profitable selling. Currently, the 12-day average is 88.02, 48-day average is 84.93, and 200-day average is 66.20. Daily and weekly MACD are bullish. Shows overbought to neutral position on daily basis, overbought position on weekly as well as monthly basis. Above 92 above 97, if 100, 112, 124, 37, 150, 161, 174, 180 can be reached in the long term. 80 and 78 below 84.75 are considered support.

Reliance (closing price Rs.2565.05 on 22-12-23) is bullish from a bottom of 2220.30. Currently 12 day average is 2490.43 and 48 day average is 2413.38 and 200 day average is 2351.20. Daily and weekly MACD are bullish. Overbought to neutral on a daily basis, overbought on a weekly basis, as well as a neutral position on a monthly basis. Above 2599 above 2622, 2650 are considered important levels. If it breaks below 2518 below 2500, it means weakness.

UCO Bank (closing price Rs.39.50 on 22-12-23) has seen profitable selling at 42.75. Currently, the 12-day average is 39.94, the 48-day average is 38.89, and the 200-day average is 32.92. Daily and weekly MACD are bearish. Oversold on daily basis, neutral position on weekly as well as monthly basis. Above 42.75 above 49, it can come up to 53, 59, 70 in the long term. 34 support is considered as low.

Jubilant Food (closing price Rs.581.45 on 22-12-23) is bullish from a bottom of 491.25. Currently, the 12 day average is 560.60, the 48 day average is 541.07 and the 200 day average is 516.61. Daily and weekly MACD are bullish. Shows neutral on daily basis, overbought position on weekly as well as monthly basis. 586 above 591, 606, 621, 635, 650 possible. 575 below 560 is considered support.

Bank Nifty Future (close 47532.00 on 22-12-23) is bullish from a low of 42067. Currently, the 12 day average is 47701.35 and the 48 day average is 45643.95 and the 200 day average is 43997.45. Daily and weekly MACD are bullish. Overbought on daily and weekly basis as well as neutral position on monthly basis. Above 48280 above 48375 then 48420, 48656, 48900, 49140, 49375,. 49165, 49854, 50100 possible. Understanding weakness below 46964 in lows.

Nifty future (close 21385.05 on 22-12-23) is bullish from a bottom of 18840.55. Currently 12 day average is 21154.64 and 48 day average is 20350.25 and 200 day average is 19321.03. Daily and weekly MACD are bullish. Shows positions towards overbought on daily and weekly basis as well as overbought on monthly basis. Above 21474, above 21590, 21680, if possible up to 21760, 21870, 21970, 2080. If 20900 breaks below 21060, 21000, it means weakness.

Sayonara

After getting close, I felt that it would be better to keep some distance.

-Renal Patel.

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