8 Jul 2020 ● 01:47 PM
At the end of a major rally in the market the financial sector continues to show more relative weakness. Bajaj Finance retraced 50% of its decline in this move up. The entire move looks corrective and structure so far and can be marked as W-X-Y-X-Z, with the high of 3420 being the endpoint of this move. As long as we are below that we must consider multiple retracement levels like 38.2% at 2811 or 50% at 2603 or 61.8% at 2417.