Comments
The stock of Bajaj Electricals surged 4 per cent accompanied by above average volume on Monday. This rally has bullish implications and gives buying opportunity for traders with a short-term perspective. Key medium-term support at ₹200 has cushioned the stock in early February. Since then, it has managed to trade above this base level. The rally recorded in the last session has decisively breached the stock’s immediate support at ₹223 and also the 21- and 50-day moving averages.
The relative strength index on the daily chart has entered the bullish zone from the neutral region adding bullish momentum and weekly RSI hovers in the neutral region. Moreover, the moving average convergence divergence indicator has signalled a buy. The stock can extend its ongoing rally and reach our price target of ₹238 and ₹243 levels in the short-term. Traders with a short-term view can buy the stock with a stop-loss at ₹224.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.