Bajaj Finserv has been forming new lifetime highs since the past two sessions and has shown an amazing move from the lows of 5860, depicting an epic move in impulse form. We have been using Elliott wave combined with different indicators and it’s amazing to see how well they work. We were successfully able to predict the upmove in the form of wave 5 with the help of Elliott wave and capture more than 8% up move.
Below is the chart showing detailed analysis published in our research report -“The Financial Waves Momentum Update”
Bajaj Finserv 60 mins chart: (Anticipated as on 5thMarch 2019)
Bajaj Finserv 60 mins chart: (Happened as on 2nd April 2019)
(Following research is taken from Momentum report published on 05th of March 2019)
Momentum stock recommendation: Bajaj Finserv
Buy Price – Buy above 6630
Time Horizon –Not Applicable
Investment – 5% of capital
Target price – 7200
*Trail stop to cost after booking partial profits to ensure capital protection*
Elliott Wave analysis:
Anticipated as on 5thMarch 2019: As shown on the daily chart (shown in actual research report), prices completed wave 3 on the upside near the high of 7200 levels and the ongoing correction was in the form of wave 4 which was internally in the form of Double correction pattern. Currently wave 5 is ongoing on the upside and a move towards 7200 can be expected.
As shown on hourly chart, prices look to have completed wave (y) which was forming Diametric pattern on minute and looking at the rise wave 5 looks to have started on the upside. A move towards 7200 can be expected which is near the channel resistance. However it is advisable to book partial profits near 6870 and keep trailing the rest to capitalize the gains.
One can keep a stop near 6280 levels and a break below this will indicate that the rise was only in the form of wave x and wave 4 of Primary degree is still ongoing.
In short trend for Bajaj Finserv looks to be positive and a break above 6630 can be used as a buying opportunity for a move towards 6870 followed by 7200 levels maintaining a stop near 6280.
Happened as on 2nd April 2019: The stock has shown amazing outperformance amongst its peers in the financial sector. Prices moved in sync with our expectation and achieved the target of 7200 on 2nd April 2019. The stock has continued to rise further higher making a lifetime high near 7405 levels.
The above research clearly shows how one can capitalize the study of Elliott wave and ride the trend. We have been accurate to capture strong up moves in momentum stocks like Bajaj Finserv, Pidilite, BEML, Kajaria Ceramics and lot more. All of those showed strong gains in short period of time. To know more about our next pick and to ride the trend in momentum stocks you can get access to our report “The Financial Waves Momentum Update”- Get access here
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