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Investors with short-term perspective can buy the stock of Bajaj Electricals at current levels. After encountering a key resistance at ₹377 in May and July 2014, the stock reversed direction and started to decline. Since then it has been in an intermediate-term downtrend. However, the stock’s significant long-term support at ₹200 arrested the downtrend in late November. Then, the stock commenced a sideways movement with an upward bias in the band between ₹200 and ₹250. Last week, it took support from the lower boundary and bounced up.
Both the daily and weekly relative strength indices are moving towards the bullish zone. The daily moving average convergence divergence indicator has signalled a buy. Further, price rate of change indicator is featuring in the positive territory. The stock can breach its hurdles and reach our price targets of ₹235 and ₹240 in the upcoming sessions. Buy with a stop-loss at ₹221.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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