Critical Breakout Levels for Bajaj Housing FinanceThis chart displays the technical analysis of Bajaj Housing Finance Ltd . on a 1-hour timeframe. The price action is currently forming a symmetrical triangle , indicating consolidation after a sharp upward movement.
Key Observations:
1. Support and Resistance Levels:
Immediate Resistance
: ₹174.30, followed by ₹181.50 and ₹199.52.
Immediate Support
: ₹150.00 and strong support at ₹118.42.
2. Breakout Potential:
Upside Scenario:
A breakout above the triangle could lead to an upmove towards ₹199.52, which represents a 20.99% increase from the current level of ₹163.17.
Downside Scenario:
A breakdown below ₹150.00 could push the stock towards ₹118.42, representing a potential fall of 20.95%.
3. Volume and RSI:
The volume shows a recent spike but has diminished, indicating a potential breakout soon
.
The RSI seems to be near oversold levels, suggesting that the stock might be poised for a rebound if buying pressure increases.
Conclusion:
The stock is at a critical juncture. A decisive move in either direction will determine its next trend, with ₹174.30 as the immediate resistance to watch for a bullish breakout or ₹150.00 as support for a bearish move.
