Technical Stock Idea - Buy Bajaj Finance Ltd For Target Rs.7000-8000- Monarch Networth Capital
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Bajaj Finance Ltd
Stock has made double top formation near 8000 level and since then it has been in a downtrend momentum and made a low near 5800 level today. 5800-5900 is a strong demand zone as multiple support levels are merging in this zone. 35% retracement of the rally, 100 weekly EMA and previous swing top level are in this zone.
Despite the steep fall stochastics has not fallen below 25 level and showing positive divergence on the weekly chart.
Recommendation is to Buy in the range of 5950-6050keeping Stop loss at 4600 level and Target at 7500-8000levels.
Weekly Chart:
Buy : Bajaj Finance Ltd Buy range: 5950-6050 CMP: 6025 SL: 4600 TARGET :- 7500-8000 TIMEFRAME: 2-3 MONTHS
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