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Bajaj Finance has been one of the relative outperformers in comparison to the Nifty 50 Index. After a period of consolidation, the price registered a breakout yesterday with huge trading volume. I am watching this stock with interest and looking for clues as to the nature of this breakout. One possibility is that the breakout is an "upthrust" and price could then ...
RSI Divergence in double top area is showing the potential weakness. The pseudo upthrust bar yesterday with big volume is another confirmation for the potential short today with Stop Loss just the high of the previous day bar.
The stock has been stuck in a broad range of 71-204 in the past few years. The recent rally has pushed the stock to the upper end of the trading range at 204-ish. Notice the selling tail in the current month candle. The spike in volume and the selling tail suggests that this *might" turnout to be an Upthrust or fakeout.
Before jumping to conclusions, it would ...