🚀 Bank of Maharashtra: Preparing for the Final Leg of Wave (V)?
The monthly chart continues to exhibit a strong long-term bullish structure. The stock has completed a healthy Wave (IV) correction and appears to be advancing in Wave (V), with prices trading comfortably above the 20-, 50-, and 200-month moving averages.
Key Technical Highlights:
✅ Elliott Wave structure indicates Wave (V) is in progress.
✅ Price is trading above all major moving averages, confirming the primary uptrend.
✅ RSI is around 70, reflecting strong momentum without any major bearish divergence yet.
✅ The stock has broken out of the Wave (IV) trendline and is holding above key support.
⚠️ Immediate resistance lies near the ₹92–93 pivot zone. A decisive monthly close above this level could trigger the next leg higher.
Trading Strategy
Entry: ₹89–93 (or on a monthly close above ₹93)
Stop Loss: ₹76.50 (monthly closing basis)
Target 1: ₹100
Target 2: ₹110
Target 3: ₹125 (extended Wave V target)
Time Frame: 6 Months
Risk–Reward: Approximately 1:2 to 1:3 for positional investors.
Conclusion: As long as the stock sustains above ₹76.5, the long-term trend remains firmly bullish. A breakout above ₹93 could mark the beginning of the strongest phase of Wave (V), making Bank of Maharashtra an attractive medium- to long-term positional opportunity.
The monthly chart continues to exhibit a strong long-term bullish structure. The stock has completed a healthy Wave (IV) correction and appears to be advancing in Wave (V), with prices trading comfortably above the 20-, 50-, and 200-month moving averages.
Key Technical Highlights:
✅ Elliott Wave structure indicates Wave (V) is in progress.
✅ Price is trading above all major moving averages, confirming the primary uptrend.
✅ RSI is around 70, reflecting strong momentum without any major bearish divergence yet.
✅ The stock has broken out of the Wave (IV) trendline and is holding above key support.
⚠️ Immediate resistance lies near the ₹92–93 pivot zone. A decisive monthly close above this level could trigger the next leg higher.
Trading Strategy
Entry: ₹89–93 (or on a monthly close above ₹93)
Stop Loss: ₹76.50 (monthly closing basis)
Target 1: ₹100
Target 2: ₹110
Target 3: ₹125 (extended Wave V target)
Time Frame: 6 Months
Risk–Reward: Approximately 1:2 to 1:3 for positional investors.
Conclusion: As long as the stock sustains above ₹76.5, the long-term trend remains firmly bullish. A breakout above ₹93 could mark the beginning of the strongest phase of Wave (V), making Bank of Maharashtra an attractive medium- to long-term positional opportunity.
Note
The recent correction in MAHA bank from last three days, is largely driven by government divestment concerns to meet public shareholding norms and periodic profit-booking after strong rallies. This gives us a one time opportunity to invest at lower price. However i suggest to invest 50% as of now and remaining 50% near to 78 levels or at the levels of disinvestemt price, if this news converst into reality.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.