Bajaj Finserv - Up-Flag on Daily Chart

26 thg 5, 2021

Bajaj Finserv was in a consolidation of almost one month. The consolidation was preceded by an up rally. The daily candle dated 26th May 2021 gave an upward breakout to the consolidation and closed at Rs.11,906.40. The breakout has massive volume support. I anticipate the Price Target of Rs. 13,400 in about 10-15 days. The expected returns are 12.50%. The risk-reward ratio is more than 1:5. I suggest the Stop Loss at Rs. 11,650 to be followed for the first 4 daily candles starting from 27th May 2021. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.