11/01/2022
Bajaj Finance
Sector- Finance
Market leader with a market capitalization of- Rs. 466657 Cr.
Bajaj Finance one of the top favorite stocks of Institution buyers, has been “respecting” its primary trend line beautifully from the start of this bull run.
A bearish channel had been created, sometime late last year and then went on a mini down trend. Interestingly, When the last two lows had been created the RSI infact showed relative strength, indicating at an RSI positive divergence. And when the price action is closely noticed, at every resistance previously a red candle was formed indicating at “sell on every rally”, but when the breakout occurred, a green candle was formed at the resistance of the channel, providing more confidence and proof to traders to take a long position here, With good volumes.
The weekly charts are still strong even after the run up in the last week. MACD showing a positive crossover about to occur, and RSI is still far away from the overbought zone.
BUY- 7350
Target- Previous ATH of 8000
Stop Loss- 6975-6990
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