Bajaj Auto Ltd.: Descending Wedge - Breakout or Breakdown?

Bajaj Auto Ltd. is currently trading within a descending wedge pattern, indicating potential consolidation or a breakout scenario. Here’s the technical breakdown:


Key Observations
Descending Wedge:

• The price is narrowing, with lower highs and lows, signaling reduced selling momentum.
  

Support Zone:

• ₹8,800–₹8,900 serves as a strong support level. A breakdown below this could lead to further downside.
  

Resistance Levels:

• ₹9,262.90: Immediate resistance.
  
• ₹9,642.45 and ₹9,995.55: Higher levels to watch in case of a breakout.
  

Trade Outlook
Bullish View:
A breakout above the wedge’s upper trendline signals upward momentum, targeting ₹9,262 and beyond.
Bearish View:
A breakdown below ₹8,800 could push the price to ₹8,600 or ₹8,400.