Symmetrical Triangle Pattern Breakout seen In Bajaj Finserv Ltd.Hello everyone, i hope you all will be doing good in your Trading and Life as well. I have brought a stock which has given a breakout of Symmetrical Triangle Pattern. Stock name is Bajaj Finserv Ltd, and it is the holding company for the various financial services businesses under the Bajaj group. It serves millions of customers by providing solutions for asset acquisition through financing, asset protection through general insurance, family and income protection in the form of life and health insurance, and retirement and savings solutions.
Technically and Fundamentally stock is really Good to go for short term to long term as well. I think this is the best stock to hold for long term from here. This can be best portfolio stock. Companies management has given positive outlook for future in last quaterly result conference call.
The pattern can indicate a number of things, including:
Volatility contraction
The pattern can symbolize a decrease in volatility as the price range contracts within the triangle.
Indecision
The pattern can form when the market is uncertain and buying and selling continues.
Potential trend reversals or continuations
The pattern can help traders and analysts spot potential trend reversals or continuations and manage risk.
A breakout from the upper trendline indicates the start of a new bullish trend, while a breakdown from the lower trendline marks the start of a new bearish trend. Check the charts above (Bajaj finserv) it has given breakouts for falling upper band. before to few minutes of Closing of today's session or opening of next day session can be entry point. For the Targets you can calculate the thickness of symmetrical pattern as i have shown on chart above, and stop loss can be place at lower of breakout candle or near to lower band support line.
Market Cap
₹ 2,74,385 Cr.
Current Price
₹ 1,719
High / Low
₹ 1,742 / 1,419
Stock P/E
32.9
Book Value
₹ 378
Dividend Yield
0.06 %
ROCE
11.7 %
ROE
15.3 %
Face Value
₹ 1.00
Industry PE
23.6
Debt
₹ 2,88,933 Cr.
EPS
₹ 52.3
Promoter holding
60.6 %
Intrinsic Value
₹ 902
Pledged percentage
0.01 %
EVEBITDA
12.8
Change in Prom Hold
-0.04 %
Profit Var 5Yrs
20.4 %
Sales growth 5Years
21.0 %
Return over 5years
19.8 %
Debt to equity
4.79
Net profit
₹ 16,095 Cr.
ROE 5Yr
13.8 %
Profit growth
18.3 %
Earnings yield
7.66 %
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
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