Baja Auto after a down tick of 1.75% yesterday (15/05/2013) yesterday gave a two bar reversal technically closing at 1822 (1.92% higher). The board meet on 16th May 2013. The quarterly results expected tomorrow can be a trend changer for the counter.
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
Bajaj Auto Daily chart
Bajaj Auto Daily Fibonacci chart
The move above 1865 with higher volume will confirm the bull flag in the counter with a target of 2145.
Aggressive traders can go long either or dips or on current levels with a stop loss of 1780.
The short traders can only take positions below 1780 with sl of 1830.
The key technical levels to watch out for:
Support: 1820 - 1780 - 1700 - 1630
Resistance: 1865 - 1940 - 2010 - 2100
So trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.
Raju V Angadi
Equity Research Analyst
To know more about probable counts contact us back on rvangadi@googlemail.com
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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