BAJAJ FINSERV LTDIn the **weekly time frame**, a **symmetrical triangle pattern** that formed since September 2021 had a successful breakout in August 2024. However, shortly after the breakout, the stock price declined due to the lack of support from the **NIFTY index movement**.
Looking at the chart, it’s clear that the **₹1550 price range** acts as a strong **demand zone**, and the **trendline support** (TL) is also nearby. Buying in this range would have a very minimal **stop-loss risk**. There’s a good chance the price could reach its **previous all-time high (ATH)** again.
Bajajfinserveanalysis
Bajaj Finserv Ltd. Elliot Wave Theory AnalysisI have performed Elliot Wave Theory analysis on BAJAJFINSV daily time frame.
The internal wave counts are not shown on the charts as they get cluttered.
Wave 2 retraced 0.65%
Wave 2 is a sharp correction
Wave 3 was calculated with the Fib Extn tool starting from wave 1—end of wave 1—end of wave 2. It is precisely 1.618%, which signifies that wave 3 is extended. However, the target for wave five should be between 0.618 and 1% when you project it from the start of wave 1—end of wave 3 to the lowest bottom of wave 4 (mostly sideways).
Alternate for corrective wave
If wave 2 of an impulse is a sharp correction, expect wave 4 to be a sideways correction and vice versa.
BAJAJ FINSERVBAJAJ FINSERV is currently in a bearish trend and is going to hit its immediate support zone of 1100 levels.
For now, it is good to short this stock for some time till it reaches its support zone.
Trade safe. Manage risk. Be profitable.
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Disclaimer:- This is my view. Please analyze the charts yourself and then decide to take any trades.