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Bajaj Finserv Limited (BAJAJFINSV) Stock - Complete Technical Analysis - Nov 07, 2024

Bajaj Finserv Stock Analysis: Key Support, Resistance & Indicators to Watch Technical Breakdown

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Bajaj Finserv (BAJAJFINSV) has been showing consolidation in the recent past, hovering around the 1,730 price mark. The stock is trading 14.79% below its 52-week high and 21.89% above its 52-week low, making it an interesting candidate for traders looking for opportunities in the current range.

Price Action:

The price movements have been somewhat volatile in the short term. On Nov-07, the stock made a low of 1,705 and a high of 1,757, closing at 1,729.70. This indicates intraday volatility but a consolidating close, suggesting the market is unsure of the next direction.

Technical Indicators Overview:

RSI (40.7) is currently near the lower zone, indicating potential for an uptrend if buying volume increases.

MACD is showing a bearish crossover, with the histogram reflecting a negative trend. However, the negative value of MACD also suggests the potential for a trend reversal if the stock finds buying support at lower levels.

Stochastic RSI at 86.25 shows overbought conditions, which might lead to a small correction before continuing the trend.

ADX at 32.91 indicates that the trend is strong, but the negative trend still holds. The trend could reverse if bullish momentum picks up.

Support and Resistance:

Support:

1,705 (recent low),

1,630 (Classic S1 support),

1,419 (52-week low).

Resistance:

1,759 (recent high),

1,772 (previous resistance),

1,818 (Classic Pivot point).

Trend & Volatility:

The stock is currently facing high volatility, as indicated by the ATR (Average True Range), and seems to be testing support levels. A breakdown below 1,705 would signal a potential correction towards the 1,630 level, while the resistance near 1,759 and 1,772 could act as barriers for any short-term upside movement.

Conclusion:

Bajaj Finserv is currently in a neutral to bearish zone, but if the price holds above the 1,705 support level, there might be a reversal to higher levels. However, be cautious as the bearish momentum remains strong. Watch for signs of price stabilization around support levels for potential bullish reversal signals.







 

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