Index above 73090 and Nifty future 22000 key surface

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- Chart Indication - Ashok Trivedi

The BSE index (close 72426.64 on 16-02-24) is bullish from a low of 770809.83. Currently, the 12 day average is 71693.90, the 48 day average is 70835.84 and the 200 day average is 66903.43. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought position on daily and weekly basis as well as overbought position on monthly basis. Above 72545 above 73090, then 73427 is considered an important level. Above which the possibility of 73750, 74000, 74400, 74700. 71644 below 72218 is considered support.

Asian Paint (closing price Rs.3007.90 on 16-02-24) is bullish from the bottom of 2902.65. Currently, the 12 day average is 2983.12, the 48 day average is 3103.99 and the 200 day average is 3143.46. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, oversold on a weekly basis and neutral on a monthly basis shows the position. Above 3033 possible up to 3065, 3098, 3130. 2967 below 3000 is counted as support.

HDFC Bank (closing price Rs.1419.90 on 16-02-24) is bullish from the bottom of 1363. Currently 12 day average is 1423.62 and 48 day average is 151520 and 200 day average is 1563.43. Daily and weekly MACD are bearish. Oversold on daily and weekly basis as well as neutral position on monthly basis. 1431 above is possible up to 1453, 1475, 1497, 1520, 1542. Below 1408, 1385 and 1363 are considered support.

IOB (closing price Rs.68.30 on 16-02-24) is bullish with a low of 60.50. Currently, the 12-day average is 64.07, the 48-day average is 52.12, and the 200-day average is 39.44. Daily and weekly MACD are bullish. Shows oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 72, 75, 78, 81 and 83.75 are important levels. On top of that, if 90 Kudave, 95, 105 interest is possible. If 63 breaks below 60.50, then 55 is considered as support.

Poly Cab (closing price Rs.4670.00 on 16-02-24) is bullish from the bottom of 4250. Currently, the 12-day average is 4389.82, the 48-day average is 4685.93, and the 200-day average is 4508.86. The daily MACD is bullish. Weekly MACD is bearish. Overbought on a daily basis, neutral on a weekly basis and overbought to neutral on a monthly basis. Above 4645 possible up to 4767, 4887, 4995. 4645 below 4525, 4467 is considered support in low.

Reliance (closing price Rs.2921. 15 dated 16-02-24) is in favor of correction from the bottom of 2220.30. Currently, the 12 day average is 2829.29 and the 48 day average is 2117.95 and the 200 day average is 2479.01. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. 2970 above 2987, 3027, 3068, 3109, 3150 possible. 2885 below 2908 is considered as support.

Wipro (closing price Rs.543.00 on 16-02-24) is bullish from a bottom of 445.76. Currently, the 12 day average is 497.99, the 48 day average is 468.16 and the 200 day average is 428.70. Daily and weekly MACD are bullish. Shows overbought position on daily basis, neutral on weekly basis and overbought position on monthly basis. 545 above 554, 564, 577, 585 possible. Below 520 below 505 is considered support.

Bank Nifty Future (close 46470.00 on 16-02-24) is currently trading at 12-day average of 45936.16 and 48-day average of 46249.67 and 200-day average of 44851.78 in favor of correction from the bottom of 44404. Daily MACD is bullish and weekly MACD is bearish. Shows overbought position on daily basis, neutral position on weekly basis and overbought position on monthly basis. Above 46886 above 47146 Kudave 47600, 47900 are considered important levels. 46350, 45678 are considered support in low.

Nifty future (close 2089.50 on 16-02-24) is bullish from a bottom of 21600.85. Currently 12 day average is 21842.64 and 48 day average is 21475.17 and 200 day average is 20086.90. Daily MACD is bearish. The weekly MACD is bullish. Shows overbought position on daily and weekly basis as well as overbought position on monthly basis. Above 22140 above 22400, then 22360, 22460, 22570, 22670, 22730 are possible. 21846 below 2027, 21750 support is considered as support.

Sayonara

The evil does not affect the good, the color of the flower can never be touched by the thorn. -Unfortunately.

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