Below is the technical chart of Bajaj Auto Ltd., listed on Indian stock exchange, using Ichimoku Kinko Hyo indicator.
I’ve used weekly time frame to get technical chart as weekly chart clearly shows support and resistance levels as compared to daily chart.
As shown in chart, Bajaj Auto share price managed to take support on / inside kumo several times. This time also it will take support on kumo. Last week, it closed below kijun-sen line; so it’s time to book profits on this stock and sit on cash. Support levels are : 1414 and 1365. Below these levels, it will start its downward journey.