Bank of Maharashtra Elliott Wave Analysis: Wave (5) Points to Further Upside
- Bank of Maharashtra is trading in a long-term bullish trend.
- Wave (3) ended near ₹71 after reaching the 2.618 Fibonacci extension of Wave (1).
- Wave (4) completed an ABC correction and found support near ₹44.
- The stock is currently progressing in Wave (5), indicating the possibility of further upside.
- Immediate resistance is seen around ₹95–96, while the next major target is near ₹107.5.
NSE Bank of Maharashtra stock remains in a long-term bullish trend and is currently progressing in the fifth wave of its broader upcycle. The stock previously completed an extended Wave (3) near ₹71 and found support around ₹44 during Wave (4), before resuming its upward move. The current structure suggests further upside, with the ongoing advance likely targeting the ₹95–96 zone in the medium term. Upon completion of the current phase, the stock may extend towards ₹107.5, which emerges as the next major resistance level. The overall price structure remains constructive, and the broader trend is expected to stay positive as long as the stock holds above key support levels.
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