19 Jan 2021 ● 01:23 PM
Bajaj Finance completed an a-b-c correction. There are two alternate wave counts. The rally from Nov was smaller than the one before from June. This slowing is natural after the catch up from the bottom because you cannot keep moving at this pace. So should I mark the move as 1-2-3-4 from the bottom or 1-2-1-2 is open and so the blue markings are the alternate wave count. So either wave 5 will be the smallest or wave 3 is subdividing at many degrees. 4686 is the low made yesterday and the results come out tomorrow so a risky day to post any view. We usually avoid trading on result days as it can whack you. But the chart shows a-b-c complete so I can make two Fibonacci calculations. 5=38.2% of the entire move so far gives me 6335. And if the blue marking is true then 3=1 is at 7800. The immediate resistance is the 20dma at 5074 so you would like to close above that and hold above that as a starting point of any move. 5372 is the high so till we get past that we can still be in a prolonged consolidation as well before anything larger unfolds. So lots of alternatives to consider from here.