gunturusurya

bearish in bajaj con

Short
NSE:BAJAJCON   BAJAJ CONSUMER
rising wedge formed in day chart ,and adx giving negative divergence

but to confirm this we need rsi and mfi to be in over bought range currently RSI is at 60.4 & MFI at 63.1 and rising wedge need to be much closer but over all direction it is getting narrower i think in 1-2 weeks mfi and rsi will reach over bought ranges and rising wedge becomes much more narrower so stay cautious ,i think this might also indicate correction in nifty or may be results expected for bajaj con may be negative

thank you for reading this is not an trading advice ,trade at your own risk , this is purely my opinion

Comment: yeah see after 1-2 weeks nifty corrected and price came lower to 210 as expected ,now can exit ,bajaj con usually used to trade at 400+ but later it fell actually this stock gives very high dividend ,and this stock does not move much during normal days , but moves 10-20% by results or dividend time

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