Technical Outlook
- Bajaj Finance is approaching an important Fibonacci resistance zone. A breakout may extend the recovery, while rejection could trigger the next corrective decline.
Bajaj Finance has shown a strong recovery after finding support near the March-April lows. The stock has continued to trade above its recent swing low and is making higher highs and higher lows on the 4-hour chart, indicating that short-term buying momentum remains positive.
According to the current Elliott Wave structure, the previous decline appears to have completed a corrective Wave (W). Since then, the stock has been developing another corrective recovery, which is likely forming a connecting X-wave. This suggests that the current upward move may still have some room before the next major directional move begins.
The recent breakout above the 61.8% Fibonacci retracement level has strengthened the short-term bullish momentum. Buyers are currently attempting to push prices towards the next important resistance zone.
Trading Strategy
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