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9971900635 – Technical Study- Bajaj Finance

Bullish piercing Pattern

Mostly this bullish candle pattern indicates short covering on bottom and profit booking at top. It means the trend has lost its strength and buyer or seller wants to book profit which they are getting and will make another position when picture clears.
To confirm this candle pattern there are some conditions to be match. First there should be gap up or gap down, the current candle should close after covering the previous candle at least 50% or more.
Today we can find the same pattern on Bajaj Finance on daily time frame. If break and sustain above 2210 the one can go long for 2500. Stop loss should be below 1% of todays low.

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