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We recommend a buy in Bajaj Auto Finance. The chart reveals that the stock had been on a long-term downtrend, from the May peak of Rs 518 to November trough of Rs 306. However, it appears to have found support at around Rs 306 in mid November. The stock has begun its move up, penetrating the long-term down trendline as well as the 50-day moving average line. The stock is currently hovering around Rs 370 level. We observe that there has been an increase in volume over the p revious trading sessions.

The moving average convergence-divergence is steadily rising in the positive region. Besides, the daily momentum indicator is also featuring in the bullish region. The immediate support for the stock is at Rs 340 and the next support is at Rs 306. Short-term investors can buy the stock while keeping the stock stop-loss at Rs 340. We expect the stock’s current up move to continue further to Rs 420 level in the short-term.

Yoganand D.

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