Bajaj auto forming a double bottom and ready to breakout above the trendline as well.
Good to go in this stock for target of previous high (4300 levels).
Trade safe. Manage risk. Be profitable.
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The only hurdle is 3950 which is 20 week MA. Any break out above that can give atleast 10-12 % return in short term and can stretch much higher if the nifty auto is in support. It is a good trade with almost 3 % of SL as seen on price action on closing basis
BUY:- Buy Bajaj auto above 3900 with a stop loss of 3810 closing bases strong bullish candle is required to buy because the stock is reacting from a higher time frame resistance zone.
Sell
Bajaj Auto, the trend is good on the monthly timeframe and its weekly price action is suggesting that it trying to form a short-term bottom.
And there is a support zone 3790-3743 that confirms the said price action, now if this support zone holds price might move towards the upper range.
INTRADAY AND POSITIOAL VIEW SPOT LEVLS
BAJAJ AUTO LOOKING GOOD NEAR 3500 - 3550
IF HOLD 3400 LEVEL THEN POSSIBLE GOOD UPSIDE MOVE IN COMING DAYS
TRADING AND EDUCATION - POSITIONAL BET
Bajaj Auto has reached imp support levels, if held we might see a good bounce in the stock.
Harmonic Support, Price action support, and 200-day moving average support all converge near the 3300 levels.
The stock saw a good up move of approx 500 points i.e from 3450 levels to 3966 levels.
From the Past 8 Trading sessions stock has been moving in a range of approx 200 points.
Now there are two types of trades, that can take place
Support Trade :
Pros - good risk-reward ratio 😀
Cons - might get stuck in sideways move for a while, i.e it can test your...
NSE:BAJAJ_AUTO whoever holding can hold till PRZ fresh long till PRZ and if one can find reversal then can short from PRZ.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI...
