Description
⋅ Bajaj finance has been forming an inside candle and is consolidating in a descending triangle patter.
The stocks has been trading around its 20 ema on the hourly time frame.
The volume are falling and the triangle break out with high volume can initiate a swing as well as intraday trade.
On 15 minute time frame analysis, the moving averages are close together and the stock has closed near the levels.
Support :- 7160, 7050
Resistance :- 7310, 7500
The stock option and stock can be traded as the month as just started and the time decay will not eat away the gains.
Wait for the price to break out of the triangle and let the price action formation near the price levels.