The Bajaj Auto case

Bajaj Auto remains one of the best performers of the Indian Early Economic sector (above 95% rankings). Today’s report carries a technical case on the stock which suggests a low risk entry point at the beginning of the third impulsive wave down (slide 2). The Jiseki cycle crossover is positive. However, the larger structure looks like a potential head and shoulders reversal pattern which is ready to break down neckline supports. A break here would further sustain our negative case.
The market bias is negative as NIFTY looks ready to break neckline supports at 5,400 (slide 3). However, the positive crossover on the NIFTY Jiseki cycles suggests that prices could bounce from current supports in the alternate corrective a-b-c scenario up.

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Coverage India: CNX100 traded stocks and Indian Indices.
Michesan Anna-Maria, Head of India Research. Anna discovered her interest of markets immediately after completing her graduate studies in Economics. She followed it up with post graduate studies in corporate finance. A host of research work in behavioral finance, option strategies and quantifying market sentiment followed. Anna covers Indian equity and combines Elliott, Time Fractals and Time Analytics to deliver accuracy across time frames. To review some of her work, check out the annual India accuracy report 2009.