Banking stocks will continue to be bullish

- Chart Hint: Ashok Trivedi

The BSE Index (Closed at 31,608.3 on 16-10-21) is in favor of a correction to the bottom of 21.15. At present, the average for 15 days is 313.8 and the average for 9 days is 6.5 and the average for 200 days is 316.05. The daily MACD is pro-softening. The weekly MACD is pro-reform. Shows overboat on a daily basis, from overboat to neutral on a weekly basis as well as overboat positions on a monthly basis. Possibility of up to 2120, 2020, 2, 2100 above 518. Below 202, 2021 are considered support. The market will continue to improve on the back of Bank Nifty.

ACC (closing price of Rs. 203.5 on 16-10-21) shows a slow improvement from the bottom of 214.5. At present, the average for 15 days is 6.15 and for 8 days it is 8.41 and for 200 days it is 303.50. Daily and weekly MACDs are soft. Shows neutral on daily basis, oversold on weekly basis as well as overboat position on monthly basis. Possibility of up to 21, 30 above 50. Below are 3 support counts.

Adani Port (closing price of Rs. 219.50 on 19-10-21) is in favor of the improvement of the bottom of 21.5. At present, the average for 15 days is 6.5 and for 9 days it is 2.11 and for 200 days it is 4.5. Daily and weekly MACDs are soft. Displays neutral position from overboat on daily basis, weekly as well as monthly basis. Possibility of up to 5, 20 above 215. Below 205 counts below 20 support.

L&T Finance (closing price of Rs. 4.5 on 19-10-21) is pro-improvement from the bottom of 8.10. At present, the average for 15 days is 90.15 and 9.30 for 9 days and 7.5 for 200 days. Daily and weekly MACD is pro-correction. Shows overbought on daily and weekly basis as well as neutral position on monthly basis. The surface of 101 tug of war is considered above 6. Then 108, 114, 12 are considered important surfaces. Below 21 counts as support below 21.

Godrej C.P. (Closed price of Rs. At present, the average for 15 days is 104.5 and the average for 9 days is 102.5 and the average for 200 days is 7.5. Daily and weekly MACD is pro-correction. Shows oversold on daily and weekly basis as well as overboat position on monthly basis. Possibility up to 108, 1050, 105, 105, 1105, 1112 above 108. Below 1030 below 1012 is considered support.

Indian Bank (closing price Rs. 12.50 on 19-10-21) is pro-improvement from the bottom of 15. At present, the average for 15 days is 13.50 and for 12 days it is 18.5 and for 200 days it is 131.5. Daily and weekly MACD is pro-correction. Shows the position of overboat on daily and weekly basis as well as overboat on monthly basis. Possibility of 120, 18, 210 above 12. Below 150 counts as 15 support.

Shriram Transport (closing price Rs. 15.5 on 15-10-21) is in favor of improving the bottom of 19.20. At present, the average for 15 days is 12.5 and the average for 9 days is 12.5 and the average for 200 days is 12.5. The daily MACD is pro-reform. The weekly MACD is pro-softening. Neutral on a daily basis, overbought to neutral on a weekly basis as well as oversold on a monthly basis. Possibility of up to 1500 Ufar 150, 120, 150, 18 above. The bottom 12 counts as 150 support.

Bank Nifty Futures (closed at 31.8 on 16-10-21) is pro-correction from the bottom of 20.15. At present the average of 15 days is 2031.91 and the average of 9 days is 206.12 and the average of 200 days is 314.51. Daily and weekly MACD is pro-correction. Shows overboat positions on a daily, weekly as well as monthly basis. Possibility of up to 4, 20, 30,000, 2050, 2050, 30200, 21050, 2120, 214. The bottom 20 counts as 50 support.

Nifty Futures (Closed 12.5 on 17-10-21) is in favor of the bottom of the 12. At present, the average for 15 days is 13.81 and for 12 days it is 121.05 and for 200 days it is 121.5. Daily and weekly MACD is pro-correction. Shows overboat on a daily basis, from overboat to neutral on a weekly basis as well as overboat positions on a monthly basis. Possibility up to 1910, 120, 120 above 15. Below 150 below 1808, 19018 are considered support.

Sayonara

You are the queen of the heart, you can't deny it, you can't accept the long sentence of slavery - Ishwari Doctor - Ish