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BAJAJ HOUSING FINANCE LIMITEDBAJAJ HOUSING FINANCE LIMITEDBAJAJ HOUSING FINANCE LIMITED

BAJAJ HOUSING FINANCE LIMITED

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BAJAJHFL trade ideas

BAJAJ HOUSING FINANCE LTD. SHORT TERM TRADING IDEA This updated chart includes a **Falling Wedge pattern**, which adds a significant layer to the analysis. Here's a detailed breakdown: --- ### **1. Price Action and Chart Patterns:** - **Falling Wedge**: A Falling Wedge is a bullish reversal pattern in which the price consolidates within a narrowing downward-sloping channel. - The breakout above the upper trendline of the wedge (confirmed with volume) signals a bullish reversal. - This wedge breakout aligns with the recent price surge above **₹141.50**, adding credibility to the bullish trend. - **Breakout Confirmation**: - The price has broken out of the wedge and is trading above the previous resistance of **₹141.50**, suggesting further upside potential. --- ### **2. Indicators and Supporting Signals:** #### **(a) Volume:** - The breakout is accompanied by a noticeable spike in volume, confirming the validity of the wedge breakout. #### **(b) MACD:** - **Bullish Divergence**: The price formed lower lows, but the MACD histogram formed higher lows. The breakout further validates this divergence. #### **(c) RSI**: - The RSI continues to rise, currently at **59.22**, approaching the bullish zone (above 60). This indicates increasing strength in the trend. --- ### **3. Key Levels:** - **Support Levels**: - Post-breakout, the previous resistance at **₹141.50** now acts as immediate support. - The next strong support lies near **₹128.26** (lower band of the breakout zone). - **Resistance Levels**: - The next resistance levels are at **₹152** and **₹160**. --- ### **4. Observations and Conclusion:** - **Trend Reversal**: The Falling Wedge breakout, confirmed by volume and bullish divergence, indicates a strong trend reversal. - **Momentum Build-Up**: MACD and RSI are showing signs of increasing bullish momentum, which supports the continuation of the uptrend. - **Trading Opportunity**: - **Entry**: On retest of ₹141.50 or during dips. - **Target**: ₹152–₹160 in the short term. - **Stop-Loss**: Below ₹134.43 to manage risks effectively. --- This chart strongly suggests the start of a bullish phase, supported by technical patterns and indicator alignment. It's a good setup for traders looking to ride the breakout while managing risks properly.
NSE:BAJAJHFLLong
by ramumaurya
2