August8 , 2022

bajaj finserv share price: Big Movers on D-St: What should investors do with Bajaj Finance, Bajaj Finserv and Bharat Dynamics?

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Indian market closed in the green on Thursday for the second day in a row. The S&P BSE Sensex rallied more than 1000 points while the Nifty50 closed above 16,900 levels.

Sectorally, buying was seen in IT, finance, realty, and metal space while some profit booking was seen in telecom stocks.

Stocks that were in focus include names like

which rallied more than 10 per cent, also closed with gains of more than 10 per cent post Q1 results, and Bharat Dynamics closed with gains of more than 7 per cent on Thursday.

Here’s what Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd recommends investors should do with these stocks when the market resumes trading today:


Bajaj Finance: Rs 6,800 crucial for the bulls
The stock has rallied over 30 per cent so far in the month. On July 28th, Bajaj Finance not only rallied 10 per cent but successfully closed above the 200-Day SMA (Simple Moving Average) of Rs 6,800 resistance mark, which is broadly positive.

The important thing is the volume activity. The incremental volume activity post breakout clearly indicates high chances of a further uptrend from current levels.

On the daily and weekly charts, the stock has formed a strong promising price volume breakout continuation formation that indicates the bulls are clearly dominating the price action.

For the trend following traders now, Rs 6800 would be the key level to watch. The overall chart structure suggests that if the stock sustains above the same, then breakout continuation texture is likely to continue up to Rs 7200-7400.

Bajaj Finserv: Mild profit-booking could be expected
On July 28th the stock rallied over 10 per cent. On the daily and weekly charts, the stock has formed a long bullish candle which indicates a continuation of the uptrend in the near future.

In addition, a promising higher bottom series on intraday charts also supports a further uptrend from the current levels.

We are of the view that the short-term trend is still on the positive side but due to temporary overbought situation, we could see some profit booking at higher levels.

For traders, the 200-Day SMA (Simple Moving Average) – Rs 15,500 and Rs 15,700 would act as an immediate resistance zone. On the flip side, Rs 14,000-13,800 could be the key support level for the positional trader. Below Rs 13,800, traders may prefer to exit from the trading long positions.

Bharat Dynamics: 50-Day SMA or Rs 745 would act as a trend decider level
After a short-term correction, the stock took support near Rs 650 and reversed. This week, it rallied over 8 per cent. It also formed a long bullish candle on the weekly and daily charts which is broadly positive.

We are of the view that the short-term texture of the stock is indicating further upside from the current levels.

For the positional traders now, 50-Day SMA or Rs 745 would act as a trend decider level, above which it could move up to Rs 825-850. On the flip side, below Rs 745, uptrends would be vulnerable.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times),

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