Bajaj Finance is one among India's the biggest NBFCs. This stock has been a consistent compounder.
This stock is currently trading in a support zone of 6500 level. This area is a major support zone for Bajaj Finance.
This is a good time to invest in it as long term investment. This stock is a blue chip compounder stock. It has made & It will make a lot of wealth to long term investors in long run.
There is also a trading opportunity. As this stock is in a good support zone, I have made a long position in far month futures today around CMP 6555. I will add more longs if getting 6500-6450 levels. My stoploss would be below 6400 & targets would be 6880-7200 & 7420.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my investment/trading position. You can track it for educational purposes. Thanks!
Trade active
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CMP 6630
80 rupees in profit.
Long position still open & SL is protected.
Trade active
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CMP 6650
100 rupees in profit.
Trade active
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Still trading at 6630-6660 range.
Expecting a breakout very soon which will take it to 6800-6900.
The chart has formed a head & Shoulder pattern. what are your thoughts on it?
akshit_official
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@Anonymous_5 Yes, you’re right. There’s a clear H&S pattern on weekly TF, targets of which are coming around 5900-6000. There’s a possibility that we may see that level too but according to my opinion, targets of such patterns do not come in bull markets. Besides this, Bajaj Finance is trading at a lower valuation. I’m not saying 5900-6000 can’t come. It may come. For that, I have SL in system at 6400 and If those levels come, I’ll be very happy to add huge quantity to my investment portfolio. :)
newbieintrading
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Can we see this breakout in three days? as i am holding 6700 CE this month expiry (unrealised loss ~rs3k+)
@palwinder_sharda in hourly TF, RSI is rising contrary to share price. i think that's a good sign?
akshit_official
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Yeah, Bajaj Finance is in reversal zone. It has consolidated already and ready for a breakout. NiftyBank is expected to give a breakout next week. If NiftyBank breaks out, Bajaj Finance and other financial stocks will give good upmove definitely.
newbieintrading
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@palwinder_sharda would you please share your view on HDFC life as well ? for next week?
akshit_official
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@newbieintrading HDFCLIFE is also looking good at current levels. It’s in good support zone and looks like it’s making double bottom. According to my analysis, It can go till 600-610 area as of now. It will give a good upmove only above 620 so better to enter after breakout of 620. At cmp risk reward isn’t that good.
newbieintrading
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@palwinder_sharda thanks... it worked... booked profit
newbieintrading
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@newbieintrading could you also share your insight on PNB, again, for short term?