In this entire rally of NIFTY towards the downside since few months, BAJFIN has acted in a defensive way for the time being. But currently a Bearish Wolfe Wave pattern is emerging in the stock indicating that the stock can show a potential downside.
The target remains to be at 7793 once it trades below 8820. There are few reasons to justify the potenial downside.
1. Bearish Wolfe Wave Pattern
2. Exxagerated RSI Divergence pattern
3. Emerging Head and Shoulder pattern
Even though NIFTY is a very low and people hoping for a bottom out soon, the chances of the stock coming down may be fairly less. But who knows even if NIFTY falls by 200 points may be BAJFIN may turn out to be the biggest contributor for the day.
Its advisable to not go long on this stock and short only after confirmation(once it breaks below 8820) for the target of 7793. SL remains to be at 8650 on closing basis.
Chart and Anlysis
Adarsh Kumar Dey
The target remains to be at 7793 once it trades below 8820. There are few reasons to justify the potenial downside.
1. Bearish Wolfe Wave Pattern
2. Exxagerated RSI Divergence pattern
3. Emerging Head and Shoulder pattern
Even though NIFTY is a very low and people hoping for a bottom out soon, the chances of the stock coming down may be fairly less. But who knows even if NIFTY falls by 200 points may be BAJFIN may turn out to be the biggest contributor for the day.
Its advisable to not go long on this stock and short only after confirmation(once it breaks below 8820) for the target of 7793. SL remains to be at 8650 on closing basis.
Chart and Anlysis
Adarsh Kumar Dey
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.