Index 72590 and Nifty Future 22180 key supports

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- Chart Indication - Ashok Trivedi

The BSE index (close 73745.35 on 01-03-24) is in favor of a correction to the bottom of 70809.83. Currently, the 12 day average is 72549.69, the 48 day average is 71523.49 and the 200 day average is 67462.66. The daily MACD is bearish. Shows overbought position on weekly as well as monthly basis. Above 73820 to 74075, 74720, 75360, 76000 possible. 73427 below 72780, 72590 is considered support. Scrip based improvement will be seen.

Havells (closing price Rs.1515.60 on 01-03-24) is in favor of correction from the bottom of 1276.93. Currently 12 day average is 1444.33 and 48 day average is 1383.09 and 200 day average is 1329.10. Shows overbought on daily and weekly basis and neutral position on monthly basis. Above 1550 above 1570, 1600, 1628, 1657 possible. 1453 below 1473 is considered support. It is not necessary to take it at current prices. Can be taken in panic.

ICICI Prudential (closing price Rs.539.45 on 01-03-24) is bullish from a low of 497.30. Currently, the 12 day average is 520.49, the 48 day average is 519.53 and the 200 day average is 523.03. The daily MACD is bullish. The weekly MACD is bearish. Oversold on a daily basis, overbought on a weekly basis and oversold on a monthly basis indicate positions. Above 547 above 551, there will be a huge improvement. Below 520 below 515 is considered support.

IOC (closing price Rs.64.60 on 01-03-24) is bearish from a bottom of 83.75. Currently, the 12-day average is 65.83, the 48-day average is 57.18, and the 200-day average is 42.07. The daily MACD is bearish. The weekly MACD is bullish. Oversold on daily basis, overbought to neutral on weekly basis and overbought on monthly basis. Above 68 above 72.50, then 78, 81, 84 are important levels. 84 over 89 and 89 over 96, 105 possible. If 60.50 breaks below 62, then 57 and 54 are considered as support.

Bank of Maharashtra (closing price Rs.60.75 on 01-03-24) is bearish from a top of 69.45. Currently, the 12-day average is 59.97, the 48-day average is 55.36, and the 200-day average is 44.06. The daily MACD is bearish. The weekly MACD is bullish. Oversold on daily basis indicates overbought to neutral position on weekly basis and overbought position on monthly basis. Above 64 above 69.45 is considered an important level. On top of which the important levels of 73 and 81 will also rise. 57 below 54 is considered support in the low.

Reliance (closing price Rs.2984.25 on 01-03-24) is bearish from the top of 2999.90. Currently 12 day average is 2935.94 and 48 day average is 2796.20 and 200 day average is 2523.61. The daily MACD is bearish. The weekly MACD is bullish. Oversold position on daily basis, overbought position on weekly as well as monthly basis. Above 3012 Kudav, then possibility up to 3027, 3068, 3109, 3150. 2900 below 2884, 2839, 2800 possible.

Union Bank (closing price Rs.146.70 on 01-03-24) is bearish from a top of 155.35. Currently 12 day average is 144.40 and 48 day average is 136.39 and 200 day average is 108.22. The daily MACD is bearish. The weekly MACD is bullish. Shows overbought to neutral positions on daily and weekly basis and overbought position on monthly basis. Above 151 above 155.35, if possible up to 165. 132 below 138 is considered as support.

Bank Nifty Future (close 47598.95 on 01-03-24) is bullish from a low of 444.04. Currently the 12 day average is 46393.37 and 48 day average is 46369.43 and 200 day average is 45020.45. The daily MACD is bullish. The weekly MACD is bullish. Oversold on daily basis, neutral on weekly basis and overbought on monthly basis. If above 47637 goes up to 47750 then 48020, 48440, 48625, 48870 is possible. 47160, 46740, 46630, 46387 are considered support in lower.

Nifty futures (close 22451.25 on 01-03-24) is bullish from a bottom of 21600.85. Currently 12 day average is 2048.06 and 48 day average is 21694.54 and 200 day average is 20280.73. Daily MACD is soft. Shows overbought positions on a weekly basis as well as on a monthly basis. Above 22453 above 22460, 22570, 22670, 22730 possible. Below 22345, 22180, 2029 support is considered as support.

Sayonara

In this way, the season takes care of you every time, wherever the bud bursts and you get freshness! Khalil Dhantejvi

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