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SSA’s Opinion On Bajaj Finance

in.investing.com/analysis/ssas-opinion-on-bajaj-finance-200198701
SSA’s Opinion On Bajaj Finance
By Sandeep Singh Ahluwalia   |  Nov 15, 2017 10:05
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Take a look at the 1-year weekly chart of Bajaj Finance (NS:BJFN) (NSE: BAJFINANCE) with the added notes:

Weekly Chart
Weekly Chart

Bajaj Finance in the past year has had a rally that has seen it rise 150% from Rs 800 to a high of Rs 2,000. Traders throughout the year have been shown a clear path by the rising support line that guided the stock from Rs 800 to Rs 1,400 where it took a three-week hiatus and again formed a rising support line that guided it to the year high of Rs 2,000. At the culmination of the run there is a Doji candle pattern that helped show us that the trend is going to be changing. This was followed by a period of consolidation where it went into a box range for roughly eight weeks.

The Tale of the Tape: It looks like Bajaj Finance has started having a breakout to the bearish side on the weekly chart and if the candles and indicators follow the same pattern this week then investors who are looking at trading their funds for a longer time period can use this weekly chart for shorting the stock on the way down. The next clear Fibonacci support level is at Rs 1,500 which will be a good level for any investor who has decided to short this stock to consider as a support zone.

But before any investor thinks of going short they should see whether they are comfortable with trading on the way down as most are not used to it.

Good Luck.

Sandeep Singh Ahluwalia

SSA’s Opinion On Bajaj Finance
 

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SSA’s Opinion On Bajaj Finance

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