BSE Power Analysis. As on Tues, 16 March 2021. CMP 2554. Posted at 11:20 am.
Bullish, but with caution. Longer price remains above the 2400 level, the higher the probability of continuation of the uptrend. But a test of 2400 is likely sooner or later.
The non-elliott wave tools are bullish, while elliott wave warns us to be cautious. We would go with the bullish view as the elliott waves in this case can be interpreted in different ways.
On the 3 day chart, 10 EMA remains above the 20 EMA signifying the intermediate bullish trend remains in force.
The 2400 level remains an important level, and is resistance-turned-support. The next major resistance is the 3200 ~ 3300 level.