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Bajaj Finance Technical Analysis suggest that stock may face a strong resistance near its previous high. This stock follows a repetitive/harmonic/continuation pattern of N. it suggests that Bajaj Finance can scale new high if it breaks resistance.
Bajaj Finance Technical Analysis also suggests that it is forming double top or M pattern on the daily chart. It is a strong bearish pattern. On Fibonacci retracement, this stock bounced back from the golden ratio of 61.8% and if it can break the resistance then it can easily deliver the return of around 33% in the near future.
Bajaj Finance is a multibagger stock as from last 8 years, the 20 period exponential moving never crossed downwards the 200 period exponential moving average on the weekly chart. It is a very reliable multibagger pattern.
Option chain analysis suggests short term bearish trend and strong resistance at 3000. The delivery % of a Bajaj finance is typically very low. Therefore, you can expect a speculative position in this stock. Also, this stock follows the movement of index i.e. NIFTY.
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