The chart provided is a weekly candlestick chart for Bajaj Finserv Ltd (ticker: BAJAJFINSV) on the National Stock Exchange (NSE). Here is a detailed analysis and summary of the chart:
Timeframe and Data:
- Timeframe: Weekly
- Data Range: From mid-2021 to mid-2024
Price Analysis:
- Current Price: ₹1,601.70
- Price Movement: The stock has experienced significant volatility over the period, with notable highs and lows.
- The price reached a high near ₹2,200 in mid-2021 and has since been in a downward consolidation pattern.
Technical Patterns and Indicators:
- Symmetrical Triangle: The stock appears to be forming a symmetrical triangle pattern, which is typically a continuation pattern. The price is converging between the upward trendline (support) and the downward trendline (resistance).
- Upper Trendline Resistance: Around ₹1,734.30
- Lower Trendline Support: Near the major support zone around ₹1,323.15 to ₹1,350.00
- Major Support Zone: The area between ₹1,323.15 and ₹1,350.00 has acted as a significant support level in the past, preventing further decline.
Key Levels and Future Projections:
- Resistance Levels:
- Immediate Resistance: Around ₹1,734.30 (upper trendline of the triangle)
- Next Resistance: Around ₹1,841.60
- Major Resistance: Around ₹2,020.45
- Support Levels:
- Immediate Support: The major support zone between ₹1,323.15 and ₹1,350.00
- Trendline Support: The upward trendline of the symmetrical triangle around the current price level
Trade Setup:
- Bullish Scenario: If the price breaks above the immediate resistance at ₹1,734.30 and sustains above this level, it could potentially move towards the next resistance levels at ₹1,841.60 and ₹2,020.45. This would confirm a breakout from the symmetrical triangle pattern.
- Bearish Scenario: If the price fails to break above the immediate resistance and moves below the major support zone, it could indicate a potential downside towards the lower levels.
Conclusion:
The chart for Bajaj Finserv Ltd shows the stock in a consolidation phase within a symmetrical triangle pattern following a significant decline from mid-2021. Key levels to watch include the immediate resistance at ₹1,734.30 and the major support zone around ₹1,323.15 to ₹1,350.00. A breakout above ₹1,734.30 could signal a bullish move towards ₹1,841.60 and ₹2,020.45, while a failure to hold above the major support zone could indicate potential further downside. Traders should look for a confirmed breakout in either direction to make informed trading decisions.
Timeframe and Data:
- Timeframe: Weekly
- Data Range: From mid-2021 to mid-2024
Price Analysis:
- Current Price: ₹1,601.70
- Price Movement: The stock has experienced significant volatility over the period, with notable highs and lows.
- The price reached a high near ₹2,200 in mid-2021 and has since been in a downward consolidation pattern.
Technical Patterns and Indicators:
- Symmetrical Triangle: The stock appears to be forming a symmetrical triangle pattern, which is typically a continuation pattern. The price is converging between the upward trendline (support) and the downward trendline (resistance).
- Upper Trendline Resistance: Around ₹1,734.30
- Lower Trendline Support: Near the major support zone around ₹1,323.15 to ₹1,350.00
- Major Support Zone: The area between ₹1,323.15 and ₹1,350.00 has acted as a significant support level in the past, preventing further decline.
Key Levels and Future Projections:
- Resistance Levels:
- Immediate Resistance: Around ₹1,734.30 (upper trendline of the triangle)
- Next Resistance: Around ₹1,841.60
- Major Resistance: Around ₹2,020.45
- Support Levels:
- Immediate Support: The major support zone between ₹1,323.15 and ₹1,350.00
- Trendline Support: The upward trendline of the symmetrical triangle around the current price level
Trade Setup:
- Bullish Scenario: If the price breaks above the immediate resistance at ₹1,734.30 and sustains above this level, it could potentially move towards the next resistance levels at ₹1,841.60 and ₹2,020.45. This would confirm a breakout from the symmetrical triangle pattern.
- Bearish Scenario: If the price fails to break above the immediate resistance and moves below the major support zone, it could indicate a potential downside towards the lower levels.
Conclusion:
The chart for Bajaj Finserv Ltd shows the stock in a consolidation phase within a symmetrical triangle pattern following a significant decline from mid-2021. Key levels to watch include the immediate resistance at ₹1,734.30 and the major support zone around ₹1,323.15 to ₹1,350.00. A breakout above ₹1,734.30 could signal a bullish move towards ₹1,841.60 and ₹2,020.45, while a failure to hold above the major support zone could indicate potential further downside. Traders should look for a confirmed breakout in either direction to make informed trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.