Fun For Traders: Two Stocks for Learners1) Bajaj Finance has managed to wriggle out from the lows made in October. In my previous post I assumed that the higher lows may cause structural transformation in the stock and it may rally towards 2580. I also mentioned that closing above 2600 can take it back to 2650, 2760 and 2870. The stock has rallied 9% since 18th November post. Read for details in the following post.
The rally has not been that enthusiastic but so far it has been controlled, taking support near traditional moving averages. On longer tern charts the stock has been running towards a significant resistance zone.
On smaller timeframes stock has managed to sustain above the 2625 supply zone. It would be interesting to see how the stock reacts near 2670-2680. Above this level target would be 2750-2760.
2) IBulHsg The stock has been silent for the last two days. I expect some action after this silent consolidation. I am interested in upward expansion. If it expands upwards it may face resistance near 875-880 zone. If stock sustains above this level, one may look for psych. 900, 927 and then 975 levels.
Any weakness near 880 zone may attract fresh shorts.
It would be interesting to see the kind of expansion after this brief consolidation.
Hope some traders would gather a bit of knowledge from this post.
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Regards
JJ
