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Bajaj Auto fell 1.5 per cent on Monday as it declared 6 per cent lower growth in sales for February. The stock, which rose 4.5 per cent last week, reversed lower following the news. Also, this reversal has taken place from an important resistance zone of ₹1,960-1970.
The stock has been trading in a sideways range of ₹1,800 and ₹1,970 over the past few weeks. Monday’s reversal has increased the probability of a fall to ₹1,800, the lower end of the range, in the coming days.
Traders with a short-term view can sell the stock with a stop-loss at ₹1,941. The targets are ₹1,875 and ₹1,860. Investors with high risk appetite and with a medium-term view can go short with a wider stop-loss at ₹1,973 for a target of ₹1,815.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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