Bajaj Auto – November 2018

CMP – 2600
Given below are the Monthly, Weekly and Daily charts of Bajaj Auto Futures

Note the following in the Monthly chart -

RSI - RSI is at 40 support on the monthly chart for the first time.
Fibonacci Retracement: Price is taking support at 38% Fibonacci retracement of the first swing and 61%
of the second swing (cluster support).

TRENDLINE: Price is at a major trendline support on the monthly chart.

BAJAJ AUTO – MONTHLY CHART

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Note the following in the Weekly chart -

RSI – There is range and shift and divergence on the weekly chart.

PRICE - Price is at major support area on the weekly chart.

BAJAJ AUTO – WEEKLY CHART

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Note the following in the Daily chart -

RSI – There is a 12-bar bullish divergence on daily chart.

PRICE - Price crossing the high of the hammer was the confirmation of outside inside pattern (W
pattern) on bollinger bands.

BAJAJ AUTO – DAILY CHART

STRATEGY –

One can go Long on BAJAJ AUTO at CMP with a stop below 2420 on a closing basis for
upside targets of -

FIRST TARGET – 2700

SECOND TARGET –2820

THIRD TARGET – 2900

Trade Duration – 4-6 Weeks

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