Bajaj Finance’s share price gained up to 2.3% to hit a record Rs 6,228.60 coin intraday on BSE. The stock has climbed more than 183% in one year. The gains of the heavyweights in the index were due to the unblocking of the economy. Analysts believe this will lead to faster recovery and a lower NPA. Bajaj Finance has recorded consistent performance over the past three quarters. Analysts believe Bajaj Finance stock could rebound up to 10% more. U.S. brokerage firm BofA Securities gave the stock a buy rating because it believes the technology platform will further accelerate Bajaj Finance’s growth trajectory and market share gains, with strong leverage. positive exploitation.
Bajaj Finance reiterated that the financial impact of COVID 2.0 has been much more moderate compared to the first wave, with Bajaj Finance remaining open for business in all categories. The brokerage firm said the recovery in early June 21 (especially in high-frequency B2B business) was strong, with Bajaj Finance hoping to reach 75-80% of March 21 levels after June 14, 21 with full normalization of ‘here at the beginning of July. In terms of volume traded, around 1.95 lakh shares have traded hands on BSE, while a total of 32.33 lakh shares have been traded on NSE so far in the day.
Technical charts indicate Bajaj Finance could rally up to 10% more
Analysts said the stock broke while eliminating major double-top resistance that existed in the Rs 5,800-5,850 area. In the process, the stock moved support up to 5,850. stock is now in uncharted territory; so traders can keep up with momentum while strictly following their stoplos, Milan Vaishnav, CMT, MSTA, consultant technical analyst and founder of Gemstone Equity Research & Advisory Services told Financial Express Online. He said that from a technical standpoint, the stock could hold up near the 6250-6300 area. In addition, the stock continues to show a bearish divergence of the RSI from the price. This makes the stock subject to consolidation at current levels. “For traders and investors, the trend can be followed but with vigilance while following their stop-losses. Support exists at 5,850 levels, ”Vaishnav said.
Technical charts suggest the stock could rebound an additional 10 percent. The stock is up sharply until it sits above 5,600, technical experts said. “On the high side, this can stretch earnings up to 6400-6800,” Vishal Wagh, head of research, Bonanza Portfolio Ltd, told Financial Express Online.
A close above Rs 6,225 is expected to take Bajaj Finance to Rs 6,550 but as the broad market is on the rise, new investors should wait for a drop near 5,680-5885 to enter this stock, AR Ramachandran, co-founder and trainer, Tips2Trades, told Financial Express Online.
(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online assumes no responsibility for their investment advice. Investments in the capital markets are subject to rules and regulations Please consult your investment advisor before investing.)