Bajaj Finserv Elliott Wave Analysis with Bollinger Bands

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 Bajaj Finserv daily chart

Bajaj Finserv hourly chart

As shown in daily chart, Bajaj Finserv is now moving in a sideways pattern, this pattern needs to be first identified and then traded. The simplest way to trade is to find the upper and lower extreme of the pattern. I have applied Bollinger Bands with 2 standard deviations; this is a self adjusting band which contracts and expands based on volatility. As of now the upper band is placed at 6474 and lower band is at 6084. The bands are contracting which indicates a breakout to come in near term.

From hourly chart, prices are moving in a contracting triangle pattern, here there is still a breakout to come. The basic criteria of two touch points on each trend line are fulfilled. There is a possibility for prices to move down in coming week to test 6100-6060 levels which will be a buying opportunity. RSI is below 50 which is a negative sign.

As per Wave theory, prices are moving in a running symmetrical pattern in which the last leg of the pattern which is wave e is still pending and can test 6100-6060 and after that wave c can move up till 7500-7680 levels which will be 61.8% of wave a to wave b.

The summation is Bajaj Finserv is likely to test 6100-6060 which can be utilized as a buying opportunity with support at 5800 with the resistance at 7500-7680 price range.

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Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
Check below links and get useful information.
YES Bank
Banking Sector
17 October 2020 at 15:00
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