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Alpha India EE – The Bajaj Auto Case
Orpheus Capitals, June 2011, Pages: 5
The Bajaj Auto case
Bajaj Auto remains one of the best performers of the Indian Early Economic sector (above 95% rankings). Today’s report carries a technical case on the stock which suggests a low risk entry point at the beginning of the third impulsive wave down (slide 2). The Jiseki cycle crossover is positive. However, the larger structure looks like a potential head and shoulders reversal pattern which is ready to break down neckline supports. A break here would further sustain our negative case. The market bias is negative as NIFTY looks ready to break neckline supports at 5,400 (slide 3). However, the positive crossover on the NIFTY Jiseki cycles suggests that prices could bounce from current supports in the alternate corrective a-b-c scenario up.
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