Expecting BajFinance to be short tomorrow from this level of 2745-55. Expecting atleast 50% fibo move. One can take PUT also.. if high gets broken (which news suggest it can fly more) then only stop would be 2830-45..
Once momentum dies out as shown in the chart (marked with red line).Take entry as per levels mentioned below once got confirmed.
SL-2382
ENTRY- 2345
TGT- 2258
I posted this picture several times in the recent past expressing possibility of breakout. Now immediate resistance comes at 1311-15 levels. If the same is conquered by bulls, target can be 2355. But I expect consolidation above 2206 which will work as good support. Then expect breakout again.
Bajaj Finance has given head n shoulder break out on daily charts with rising volume almost after 6-8 months of consolidation.
One can buy on dips around 2010-2025 with stop loss of 1900 (closing basis) for Target of 2150-2200 in coming 4-6 weeks.
I posted this chart on 17th April 18 expecting a correction since 50 DMA was crossing 200DMA on the downside and also the price was facing resistance at 2000 and also Triple Top. The correction has taken place it seems. Now 50 DMA is giving an upward cross to 200 DMA. It is possible that price may breakout.
The stock created a base at 1600 and rose steadily. Now price is facing resistance of Triple Top at 2000. 50 DMA crossing 200 DMA downwards could not make a dent which indicates that the stock is in strong bull grip. Now 50 DMA is about to give an upward cross to 200 DMA and we may expect a strong breakout. Before that consolidation is possible.
BajFinance achieved the fibo targets of 50% & 61%, it has not been published earlier. Now for intraday purpose we can short BajFinance below yesterday's low at 1882 and long above 1905. at these levels the prices can reverse also, so trade accordingly. Since it closed below 50% level, so we can assume it to be bearish next day.
