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Shares of non-banking financial company (NBFC) Bajaj Finance rose sharply on Wednesday after SBI raised its target to buy “good quality” asset portfolios from NBFCs.
On the BSE, Bajaj Finance stock rose as much as 9 per cent to an intraday high of Rs 2, 254 before being quoted at Rs 2,231 in the mid-session.
The stock has breached above the resistance level of Rs 2,167.5, the 23.6 per cent Fibonacci retracement level of the downtrend from August 29 high to October 8 low
Also, the stock has broken above its 200-day exponential moving average. This breakout suggests that the stock may rise up to the next resistance at Rs 2,325.45, the 38.2 per cent retracement level.
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