BHARTIHEXA Daily chart

Wave Analysis:

BHARTIHEXA closed on a positive note with a good gain of 4.58%. Prices have protected prior day’s low on closing basis since past 6 trading session suggesting that bulls are gaining control by each passing day. The stock has formed a rounding bottom pattern. A daily close above 1610 will confirms breakout of the said pattern. On the daily chart, ADX is suggesting strong momentum can continue in this stock as it is showing readings of 39.17 which is above 25 levels. For now, a break above 1610 levels is required for bullish momentum to continue.

In nutshell, trend for BHARTIHEXA is bullish. A break above 1610 levels can lift price higher towards 1730 as long as 1540 levels holds on the downside.

Key Resistance: 1730

Key Support: 1540

Strategy: Long positions can be created above 1610 with the stoploss of 1540 and target 1690 followed by 1730 levels.

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