Index 72081 and Nifty Future 21943 key supports

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- Chart Indication-Ashok Trivedi

The BSE index (close 73142.80 on 23-02-24) is bullish from a low of 70809.83. Currently, the 12 day average is 72342.65, the 48 day average is 71238.91 and the 200 day average is 67190.89. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly and monthly basis. Above 73413 above 73428 are considered important levels. Above which the possibility of up to 74075. Then possibility of 74720, 75360, 76000. Understanding weakness below 72081 in the low.

Havells (closing price Rs.1429.50 on 23-02-24) is in favor of correction from the bottom of 1276.93. Currently 12 day average is 1387.20 and 48 day average is 1360.56 and 200 day average is 1321.45. Daily and weekly MACD are bullish. Overbought on daily basis, neutral position on weekly as well as monthly basis. Above 1439 above 1453, 1482, if possible up to 1511, 1540, 1570, 1600. 1394 below 1415 is considered as support.

HDFC Bank (closing price Rs.1420.60 on 23-02-24) is bullish from the bottom of 1363. Currently 12 day average is 1427.49 and 48 day average is 1499.20 and 200 day average is 1556.92. The daily MACD is bullish. Weekly MACD is bearish. Overbought to neutral on a daily basis, oversold on a weekly basis and neutral to neutral on a monthly basis. Above 1431 above 1453, 1434 Kudave it is 1475, 1481 important surface. On top of that, the possibility of 1497, 1520, 1542. If it breaks below 1400 below 1408, there is a possibility of 1385, 1363.

IndusInd Bank (closing price Rs.1480.30 on 23-02-24) is sideways from the bottom of 1428.05. Currently 12 day average is 1497.06 and 48 day average is 1524.86 and 200 day average is 1427.72. Daily and weekly MACD are bearish. Overbought on a daily basis, oversold on a weekly basis. Overbought on daily basis, oversold on weekly basis and overbought to neutral position on monthly basis. Above 1527 above 1564 is considered an important level. 1428 below 1457 is considered important support.

ITC (closing price Rs. 411.40 on 23-02-24) is in sideways with a low of 399.40. Currently, the 12 day average is 413.07, the 48 day average is 432.50 and the 200 day average is 425.01. Daily and weekly MACD are bearish. Neutral on daily basis, oversold position on weekly as well as monthly basis. Above 418 above 425, 431 are important levels. 399 support is considered as low.

Reliance (closing price Rs.2987.25 on 23-02-24) is bullish from a bottom of 2220.30. Currently 12 day average is 2921.80 and 48 day average is 2760.21 and 200 day average is 2501.60. Daily MACD is bearish. The weekly MACD is bullish. A neutral position on a daily basis shows a neutral position on a weekly as well as a monthly basis. Above 2995 to 3027, 3068, 3149, 3150 possible. Below 2950, ​​2930, 2900 is considered support.

Wipro (closing price Rs.536.15 on 23-02-24) is bullish from a bottom of 445.76. Currently, the 12-day average is 516.95, the 48-day average is 480.24, and the 200-day average is 433.77. Daily and weekly MACD are bullish. Overbought on daily basis to overbought positions on weekly as well as monthly basis. 546 above 554, 564, 577, 585 possible. 520 below 518 is considered support in low.

Bank Nifty Future (close 46799.95 on 23-02-24) is currently trading at 12-day average of 46487.95 and 48-day average of 46367.86 and 200-day average of 44950.20 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 on weekly basis and overbought position on monthly basis. If above 47400 goes up to 47750 then 48020, 48440, 48625, 48870 is possible. 46506, 46385 is considered support in low.

Nifty futures (close 22222.00 on 23-02-24) is bullish from a bottom of 21600.85. Currently the 12 day average is 2095.91 and the 48 day average is 21604.27 and the 200 day average is 20188.02. Daily and weekly MACD are bullish. Shows overbought positions on daily, weekly as well as monthly basis. Above 22344 to 22360, 22460, 22570, 22670, 22730 possible. 22150 down below 21943 below sensing weakness.

Sayonara

Drowning drowning in a person? Descend a well and there is a bottom.

-Ashraf Dabawala

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