Stock name: Bajaj Finance Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since March 2023, the stock has demonstrated a substantial upward trend. Between May 2023 and January 2024, a head and shoulders pattern materialized on the daily chart. On January 30, 2024, the stock experienced a breakout, accompanied by significant trading volume. Subsequent to the breakout, the stock is undergoing a descent, with notably low RSI levels. Based on technical analysis, the stock may see further downward movement if the current momentum is sustained.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
Stock name: Bajaj Finserv Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock has seen an upward movement since March 2023. Notably, from September 2023 to February 2024, a head and shoulders pattern emerged on the daily chart. The stock experienced a breakout on February 8, 2024, accompanied by a bearish signal on the MACD indicator. Subsequently, it has moved in the downward direction. The RSI of the stock is also at a very low level. As per technical analysis the stock might continue its descent if the existing momentum persists.
You may add this to your watch list to understand further price action.
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
- According to Pirojsha Godrej, the Executive Chairman of Godrej Properties, the company's sale bookings are anticipated to surpass the FY24 guidance, potentially reaching Rs 18,000 crore. This optimistic outlook comes in light of the company's strong performance and increased demand in the real estate sector.
- The JSW Group is planning substantial investments of nearly $5 billion in electric vehicle (EV) projects in Eastern India. The initiative aims to establish a robust presence in the growing EV sector and aligns with the broader push for sustainable and eco-friendly transportation solutions.
- The luxury car financing market in India is on the rise as more people with higher disposable incomes are opting for premium vehicles. Financial institutions are responding with specialized financing options to meet the demands of this growing segment, reflecting a broader trend of consumers upgrading to luxury cars.
