Home Most Popular The Decade of Bajaj: How They Could Be Riding High for Years to Come

The Decade of Bajaj: How They Could Be Riding High for Years to Come

The Decade of Bajaj: How They Could Be Riding High for Years to Come

Ever since we last spoke about Bajaj Finance in August, the chart tells an interesting story that’s worth another look. The fundamental details of the situation, combined with the current positioning for BJFN, offer the potential for significant gains. Let’s dive into what we’re seeing.

The Strong Foundation

Last time, we delved deep into Bajaj’s financials and latest results. The company continues to outperform expectations. Lyn Alden brought India’s fast-growing economy into the limelight. As more Indian households tap into financial services, the financial sector’s unique growth trajectory sets it apart. Credit, insurance, and wealth management services are poised for a decade-long boom.

The Latest on the Technical Front

We previously anticipated a corrective retrace followed by a surge in price to around 10,000. While we did see a rally from 6,800 to 8,200, the climb to 10,000 didn’t materialize. However, the current setup still holds potential.

Upon examining the latest chart, the price’s wider ‘B’ wave seems to have finished, pointing to a probable 5-wave advance to our 10,000 target. The subsequent rally and small price retracement would set the stage for the best risk-reward profile.

Breaking Down the Projection

Markets are fractal in nature, displaying self-similarity at all degrees, meaning a 5-wave rally breaks into 5 smaller waves. Applying Elliott Wave analysis, the longer-term structure from the initial low of 4.40 suggests a noteworthy trajectory. As long as the key support at 6,000 continues to hold, a climb to the 10,000 target looms large, opening up a new universe of trading and investing possibilities.

Final Thoughts

There are countless ways to analyze stocks and the markets they form. For us, this approach has provided consistent results, offering a fresh perspective on trading and investing. If you’re ready to unlock new potential, this might just be one of the most enlightening journeys you undertake.