Market Oversold: It is advisable to stay away from new takers without accurate indications

- Chart Hint: Ashok Trivedi

The BSE index (closed at 2103.18 on 9-11-21) is prone to softening from a high of 7.5. At present, the average for 15 days is 30.5 and for 8 days it is 4.5 and for 200 days it is 2101.5. Daily and weekly MACDs are soft. Shows positions towards oversold on a daily basis, towards oversold on a weekly basis, as well as overbought to neutral on a monthly basis. Above 20 above 50, 2000, 30 resistance levels are considered. Below ૫૬૯૯૩ Below 500, 20, 2050, 50 possible.

Berger Point (closing price of Rs. 9.10 dt. 9-11-21) is pro-softening from the top of 215.50. At present, the average for 15 days is 6.5 and the average for 9 days is 6.15 and the average for 200 days is 5.31. The daily MACD is pro-reform. The weekly MACD is pro-softening. Shows position towards Oversold on daily basis, Neutral on weekly basis and Oversold on monthly basis. Above 6 above 3, 2, 3 are considered resistance surfaces. Below 2, below 20, 9, 214 are considered important surfaces.

BHEL (closing price of Rs. 2.3 dated 6-11-21) is pro-softening from the top of 8.30. At present, the average for 15 days is 6.5 and the average for 9 days is 6.15 and the average for 200 days is 6.5. Daily and weekly MACDs are soft. Shows neutral position on daily basis, oversold on weekly basis and neutral position on monthly basis. Jumping up to 8 will show improvement. Below 2, 3 counts as support.

Bank of Baroda (closing price of Rs. 7.5 on 9-11-21) is pro-softening from the top of 108. At present, the 15-day average is 4.5 and the 9-day average is 4.5 and the 200-day average is 21.5. The daily MACD is pro-softening. The weekly MACD is pro-reform. Shows the position of Neutral on a daily basis, Overboat to Neutral on a weekly basis and Overboat on a monthly basis. Above 6 is considered an important surface. The bottom 2 counts as support.

HDFC Bank (closing price of Rs. 19.50 on 5-11-21) is pro-softening from the top of 12. 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 16.05. Daily and weekly MACD is pro-run. Shows the position towards daily daily neutral, oversold on weekly basis and overboat to neutral on monthly basis. Above 12 is considered as 12 important surfaces. The bottom 12 is considered the 12 most important support.

Hero Motors (closing price of Rs. 2.50 4-11-21) is prone to softening from the top of 50. At present, the average for 15 days is 4.5 and for 20 days it is 20.5 and for 200 days it is 4.5. Daily and weekly MACDs are soft. Shows oversold positions on daily, weekly as well as monthly basis. Above 212, 6 resistance surfaces are considered. Possibility of up to 3 below 500.

Reliance (closing price of Rs. 219.50 on 5-11-21) fell from the top of 21 to 205. At present, the average for 15 days is 6.5 and for 8 days it is 8.05 and for 200 days it is 21.18. Daily and weekly MACDs are soft. Shows neutral on daily basis, oversold on weekly basis and overboat position on monthly basis. Above 202 is considered an important surface. Below 2 counts below 20 support.

Bank Nifty Futures (Closed at 2021.00 on 9-11-21) is prone to softening from the top of 3140.50. At present the average for 15 days is 314.05 and for 8 days it is 4.5 and for 200 days it is 90.71. Daily and weekly MACDs are soft. Shows the position of Oversold on daily and weekly basis as well as Neutral on daily basis, Oversold on weekly basis and Overboat to Neutral on monthly basis. Above 200 above 206, 2111 resistance levels are considered. Possibility of 200, 50, 200 below 205.

Nifty Futures (Closed 19031.30 on 9-11-21) is pro-softening from the top of 12. At present the average for 15 days is 16.12 and for 9 days it is 1210.8 and for 200 days it is 1213.8. Daily and weekly MACDs are soft. Oversold on a daily basis, oversold on a weekly basis and overbought to neutral on a monthly basis. Above 12, 150 counts as resistance surface. Possibility up to 120, 120, 1200, 12 below 12013.

Sayonara

Cain has objected to only one thing, we have shown our strength. - Kiran Singh Chauhan