During today's session, we have noticed 15-Minutes break in Bajaj Auto. The stock was continuously moving down side and was respecting resistance trend line. Yesterday (30-Mar), stock gave breakout from the resistance trend line and today it has confirmed the breakout.
Hence from tomorrow (1-April) we may see consolidation between the range of 3680-3579/3496. However, we are able to see strong upside move in case during tomorrow's session on 1-April, if 15-Min candle gives closing above 3680 (Highlighted in screenshot).
This line 3680 is currently acting as a strong resistance line, we can see stock tried to break this line previously and failed and tried again. Today as well, stock gave closing at the same price. Hence as soon as we see 15-Min candle closing above 3680, the buy trade can be initiated for the immediate target of 3765-3775. Do check below.
Buy Side Levels:
If 15-Min candle crosses above 3680 & sustain above it. Stock can be bought.
Target 1: 3765-3775
Target 2: 3840
Target 3: 3877
Target 4: 3975
Stop-loss: 3579. (It can be trailed as soon as the price moves between the target levels)
Note: Target 1/2 can be achieved in an intraday trade however it may take few days for stock to reach remaining buy side targets.
Sell Side Levels:
If price line 3680 acts as a Resistance & if price starts falling with 15-Min candle closing below it, then we can expect fall around 3579.
In case the price breaks below 3579 and 15-Min candle shows closing below it, then sell side trade can be initiated for the immediate target of 3500.
3500 may acts as a strong support and price may revert above from this line.
However, we believe that stock is in bullish trend hence we should not enter on sell side trade.
The Strategic Fortune team.
Disclaimer: Not for buy/sell recommendation. The information is shared based on technical analysis for study purposes. Market can be unpredictable and no one can be sure about its next move, however it's all about probability & based on historical data, we can try to predict the next moves. Concern your financial advisor before making a decision.