Timeframe: Daily
NSE ESCORTS appears to have completed a corrective cycle at 2790 and is now showing signs of forming an impulsive upward movement. Notably, the current price is above the 200-day Exponential Moving Average (EMA) and is situated between the 50-day and 100-day EMAs. The Relative Strength Index (RSI) has reached a level of 49.
Applying the Elliott Wave principle, Wave B holds the power of the corrective structure, and impulsive cycle must confirm its strength by breakout. A potential buying opportunity can arise if the price breaks out above the wave B level at 3027. In such a scenario, traders could consider buying with following target levels: 3160 – 3284 – 3420+. The price will be bullish lower band of parallel channel.
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