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Bajaj Finserv has started it’s final bearish, where we have seen a speculative boom downside. After breaking 50 & 200 EMA, it started falling for wave Z. Traders can expect the following targets: 14631 – 14449 – 14176.

Bajaj Finserv has formed in the descending channel for more than 27 weeks. It has also broken the control line’s channel. That indicates bulls are not ready to expect a falling knife.

Measurement of wave ((4)):
1. Wave ((4)) can accomplish 38.2% of wave ((3)) at 14000.
2. Wave ((4)) can complete at the lower band of the parallel channel because the price has created a throw-out action.
3. Sometimes, prices do not break the low of wave ((Y)) due to less momentum and supply deficiency. And it causes orthodox bottoms.

The ending point of the corrective structure is the starting point of an impulsive phase. After the completion of wave (z) of wave (4), the price will march for motive wave (5). If the price sustains above wave (X) at 17480, Bajaj Finserv will move on for an all-time high.

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NIFTY
Timeframe – 1 Hour

Nifty has formed the minor channel wherein price has made excess. This excess has driven prices into the minor channel.

The upper band of the channel indicates the supply zone. Rejection from the upper band has a strong bearish indication. In this case, nifty has the support of 17000 & 16800.

If the price breaks the upper band of the parallel channel, we can see the price can push to our pivot zone 17420. A breakout of the pivot range is a bullish indication for traders.
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BankNifty
Timeframe: 1 hour

Bank Nifty is also facing resistance from the upper band of the parallel channel. Bank Nifty is bearish below 36420 for the support levels of 36250 – 36000 – 36800.
If the price sustains above the parallel channel, nifty can face the resistance at 36900.
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