Investors with a short-term horizon can buy the stock of Bajaj Consumer Care at current levels. Since the stock took support at ₹117 in March 2020, it has been in an intermediate-term uptrend, forming higher peaks and higher troughs.

Medium as well as short-term trend are also up for the stock. While trending up, the stock has surpassed key resistances at ₹200 in November 2020 and ₹230 in February this year. After a near-term sideways movement in the month of February, the stock appears to have resumed the uptrend this week.

On Wednesday, the stock gained 4.5 per cent with good volume breaching a key barrier at ₹265 levels. So far the stock has advanced 12 per cent for the week. Moreover, the daily and the weekly relative strength indices are hovering in the bullish zone backing the uptrend. There has been an increase in daily volume over the past three trading sessions.

Also, the stock trades well above the 21- and 50-day moving averages. The short-term outlook is bullish for the stock. It has strength to extend the rally and reach the price targets of ₹288.5 and ₹295 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹271 levels.

Note: The recommendations are based on technical analysis. There is a risk of loss in trading.

Related Topics
comment COMMENT NOW