Ascending Triangle Pattern in BAJAJ FINANCE

Chart Analysis & Trade Setup

Stock: Bajaj Finance Ltd (NSE)
Timeframe: 1W (Weekly Chart)

Technical Analysis:
Resistance Zone (Orange Region):
The price has faced multiple rejections in this zone historically.
The stock has now broken above this resistance, signaling a potential breakout.

Support Levels:
Purple Trendline: Long-term ascending trendline acting as dynamic support.
Blue Zones: These levels indicate past significant buying areas.
Breakout Confirmation:

Trade Plan:
Entry: Around ₹7,899 - ₹8,000, post-breakout confirmation.
Stop Loss (SL): Placed at ₹7,600 (below breakout zone).
Target: ₹10,000 (based on breakout projection and past price action).
Risk-to-Reward (RR) Ratio:

Target Gain: ₹2,000 (from ₹8,000 to ₹10,000)
Risk (SL): ₹400 (from ₹8,000 to ₹7,600)
RR Ratio: 5:1 (Favorable trade setup)

Expected Price Movement:
The price is expected to retest the breakout zone around ₹8,000 before moving higher.
If the retest holds, the stock may rally toward ₹9,200 - ₹10,000.