Critical Breakout Levels for Bajaj Housing Finance

This chart displays the technical analysis of Bajaj Housing Finance Ltd. on a 1-hour timeframe. The price action is currently forming a symmetrical triangle, indicating consolidation after a sharp upward movement.

Key Observations:
1. Support and Resistance Levels:

• Immediate Resistance
  

: ₹174.30, followed by ₹181.50 and ₹199.52.

• Immediate Support
  

: ₹150.00 and strong support at ₹118.42.

2. Breakout Potential:

• Upside Scenario:
  

A breakout above the triangle could lead to an upmove towards ₹199.52, which represents a 20.99% increase from the current level of ₹163.17.

• Downside Scenario:
  

A breakdown below ₹150.00 could push the stock towards ₹118.42, representing a potential fall of 20.95%.

3. Volume and RSI:

• The volume shows a recent spike but has diminished, indicating a potential breakout soon
  

.

• The RSI seems to be near oversold levels, suggesting that the stock might be poised for a rebound if buying pressure increases.
  

Conclusion:
The stock is at a critical juncture. A decisive move in either direction will determine its next trend, with ₹174.30 as the immediate resistance to watch for a bullish breakout or ₹150.00 as support for a bearish move.