Bajaj Auto hits over 5-1/2-month high; chart suggests more upside


Shares of Bajaj Auto rose as much as 2.86 per cent to Rs 2,941, its highest since September 10, 2018.

The stock broke above a resistance at Rs 2,874.02, the 38.2 per cent Fibonacci retracement level of the uptrend from April 30, 2015 low to February 2, 2018 high.

The breakout suggests the stock may rise up to the next resistance at Rs 3,101.17 in the near-term.

Trend Intensity (TI) indicator rose to 22, suggesting that the prices are trending upwards.

MACD is positive and above its signal line.

In the last 30 days, analysts raised their profit estimates for the January-March quarter by 29.4 per cent, making it the only Indian automaker to receive the upgrade, Refinitiv data shows.

However, the mean of profit forecasts for the sector was trimmed by about 85 per cent, led by a 256 per cent downgrade for Tata Motors.

Bajaj Auto’s stock gained 5.12 per cent this year, while the broader NSE Index slipped 0.25 per cent.





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