There is double top formation in bajaj finserv alongwith evening star candle pattern on daily chart. On breach of the trendline, it can be shorted with a target of around 8820 which is the central pivot of this month and 8600-8800 will also act as a demand zone for the stock. CMP is 9270 and daily ATR of the stock is around 190 points.
cmp is 9110. we can see evening star pattern in bajaj finserv on daily chart. this is a very strong reversal pattern. downside can be seen till 9000 and if it continues then we can also see 8744 levels.
after giving a good upside since last few days, now the price has approached its resiatance zone and is stuck in a range. we can clearly see loss of momentum in the stock. once it closes below 250, we can see a fall till 240--220.
as seen in the charts there was no strength in the green candles formed since 21 nov and now selling can be seen clearly. it is expected that price will come till 1515 to fill the gap level. cmp is 1551, so we can see around 2% downside in this stock.
we can see there is loss of momentum in cipla and rsi is giving bearish divergence. cmp is 468. once it closes below 460, it can go downtill 440 which is also the neckline of the double top chart formation and central pivot point of this month. below 440 it can further go down till 400-410.
After giving a good upside now we can see loss of momentum in asian paints. On breach of the trendline (at around 1500) on 1hr chart we can look to short the stock with target of 1477-1460. On breach of 1460 we can see further bearishness in the stock which will lead the pirce to 1435--1400. View is violated if this stock closes above all time high of 1538.
price faced rejection at 800 which is r3 of this month and r1 of this week.
on daily chart there is loss of momentum after good upside. on hourly chart there is double top formation with RSI divergence. on breach of 780 which is the neckline of the pattern and also central pivot point of this week, stock price will fall and reach 765-760 zone. trade can be exited...
this counter looks a good buy to me. it is standing at a very cruial support and looking at the charts it has formed a good base at 650-640 range. so one can look to buy at cmp and keep stop loss at 648 and target price is 770-780.
there is rsi bearish divergence on daily chart alongwith double top formation. also on last trading session there is formation of bearish engulfing candle pattern. the momentum is already slowed down. so i believe it is good shorting opportunity with target of 1380-1350-1300. sl being high the red candle formed on 21st dec that is 1460.
once this stock reaches and sustains above 620-625, we can see decent returns with upside targets of 638, 670 & 695.
do note that this is just a trading idea and not a recommendation. do your own analysis before trading in it.