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After a subdued month of October and failing to provide a decisive break above its previous high in the first week of the month, the shares of Bajaj Finserv marked a new lifetime on Monday at ₹8,750 and closed the day at ₹8,706.6.
The stock, that has been in a strong bull run since the beginning of the year, faced a correction in the month of July and subsequently fell to ₹6,631. Weakness continued through the first half of the month of September and declined further to a low of ₹6,581. However, the bullish momentum seems to be back now, after its failed attempts to break out. The daily relative strength index is showing an uptick and the moving average convergence indicator has entered the positive territory adding to the bullish bias of the stock.
Hence, traders with short-term and medium-term perspective can initiate long positions with stop-loss at ₹8,450. Potential targets are at ₹9,200 for the short-term and ₹9,600 for the medium-term.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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