BAJAJ FINANCE - Extending the Pain..!

27 Nis 2020

BAJAJ FINANCE , amongst the favorite counters to initiate a trade on the long side is seeing a different scenario now. With the 21-day lockdown, consumption has slowed down considerably, and discretionary buying is out of sight. With the economy now slowing down even further, the earlier growth rate is hard to achieve.The stock is having one of the most challenging phase and the bearishness is expected to continue lower as can be seen from the descending triangle breakdown that has emerged on Friday. The break has been with a long body candle beyond the support region. Further the momentum setup is indicating a resumption of bearish momentum highlighting the intensity of decline.