Correction phase almost completed. Nifty need to surpass 14705 to get confirmation.

From 16th February,2021 to 12 April, 2021, nifty spent in Correction phase.

Finally it almost finished its correction phase near 14248, on 12 April, 2021.

Most probably it started fresh impulse wave from there, we get confirmation once nifty able to surpass 14705 spot level.

Next immediate resistance is at 14675 and 14705.

Once this resistance zone breakout, Bulls get more strength.

Supports at 14588 and 14290.

Pharma sector, Auto Sector and FMCG sectors looks bullish for short term point of view.

Fresh longs can be initiated in frontline stocks in above sectors.

As long as nifty holds 14290, its a Buy on Dips market.

Regards,

Suryadev Bandari

Research Analyst

www.earningwave.com

Comments

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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