Bajaj Finance Overbought
Bajaj Finance in overbought zone on the topside of the value area with several tops forming and a struggle to break above the zone even in a trending market.
After a mini-bull run, if Nifty falls as per my analysis, this could be one of the first contenders to crash.
Obviously, if analysis fails, then it could breakout and go up. But with weak volumes in the chart, this looks set for a fall. The weekly and monthly chart too suggest something similar.
Also, despite decent profit numbers, it should be noted that with further rate hikes incoming, the financing market could face a squeeze in terms of demand.
Keep in radar. Let us wait and see.
After a mini-bull run, if Nifty falls as per my analysis, this could be one of the first contenders to crash.
Obviously, if analysis fails, then it could breakout and go up. But with weak volumes in the chart, this looks set for a fall. The weekly and monthly chart too suggest something similar.
Also, despite decent profit numbers, it should be noted that with further rate hikes incoming, the financing market could face a squeeze in terms of demand.
Keep in radar. Let us wait and see.
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