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Elliottwaveforecasts

Bajaj Finance - Short Target 5700Stock is making triangle as part of cycle wave correction. Though will not achieve its desired target down, expected to fall to 5700 in about 47 days (CMP 7027, -18.8% fall). Swing traders will make it find support at 6536, which could be weak as that level was shortlived. Swing traders may also target 50% retracement of the current wave down to 6321 (-10% fall). If this wave becomes wave 2 of primary movement upwards, then it should fall to 6138 (-13% fall) following 61.8% retracement rule of wave 1. This current wave, demostrated all the powerful properties of wave C, and terminated with a perfectly making ending diagonal, making it an aptly fit candidate for the horizontal triangle, being the base theory. Turbulence areas - 5800 levels being a demand zone. I am targeting short to 5700 levels in about 47 days. Disclaimer : The views hereinabove are my personal views, for the sole objective of seeking comments from community on the analysis. Notwithstanding above, it should not be construed as any guidance, advice or offer to enter into any transaction or investment by the reader. The readers must consult their independent financial advisors before initiating or otherwise dealing with the security mentioned herein, without relying on the contents herein. The author shall not be responsible or liable, whether directly or indirectly, for any losses, pecuniary or otherwise, arising from the use of above analysis or information, whether to the reader hereof or any third party.
NSE:BAJFINANCEShort
by Gjain75
5