Analysis of Bajaj Finance Ltd (NSE) – Weekly Chart

Technical Summary:
Elliott Wave Structure:

The chart suggests an ongoing impulse wave (Wave 3 in green) after completing Wave 2 correction.
Future projections indicate the completion of Wave 5 around 15,543 as a 1.618 Fibonacci extension.
Support & Resistance Levels:

Strong Support:
5,718.60 (highlighted in green) – a crucial support area.
5,292.75 (Fibonacci 38.2% retracement) – historical support level.
Resistance:
8,739 (current high) – breaking above this could confirm a bullish continuation.
15,543 (Wave 5 target) – major long-term price target.
RSI Analysis:

RSI at 70.56, near overbought territory.
RSI-based moving average at 59.41, indicating strong momentum.
Key Observations & Potential Risks:
✅ Bullish Scenario:

If price sustains above 8,739, the next major move could lead towards 15,543.
Strong wave structure confirms long-term bullish potential.
❌ Bearish Risk:

If price fails to hold above 8,739, a correction toward 5,718 – 5,292 levels is possible.
RSI in overbought territory suggests a potential short-term pullback before further upward movement.

Recommendations & Strategy:

Monitor breakout confirmation above 8,739 for further upside.
Be cautious of a short-term pullback, especially if RSI starts declining.

Long-term investors can hold positions, while traders may wait for a retracement entry near 7,500 – 6,500.