BAHL - Hourly Analysis - 11-05-2024
Primary Structure: Bullish Impulsive.
Primary Trend: Bullish
Current Wave structure: Bullish Impulsive.
Expectations: The rise from the low of red wave "(C)" can be counted in five bullish waves as red wave "(1)". It looks like the structure in red wave "(1)" is completed. A daily close below 77 will define the top in place. According to the basic rules, a pullback minimum of three waves may be expected after each impulse cycle. This upcoming pullback may test the 61.8% Fibonacci retracement level.NOTE: We have made a total of Rs.49.
Recommendations: 4: Sell all the holdings at 95 positively.
3: Sell 50% of the longs from the current level i.e. 86. and wait for the pullback to ride again.
2: Hold the longs.
1: Long position may be considered from 48 to 46 with stops below 40. Keep the targets open for now.
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