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