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Buy Bajaj Holding; target of Rs 860-880: Aditya Birla Money
Aditya Birla Money is bullish on Bajaj Holding and Investment and has recommended buy rating on the stock with a target of Rs 860-880 in its May 5, 2011 research report.
Aditya Birla Money is bullish on Bajaj Holding and Investment and has recommended buy rating on the stock with a target of Rs 860-880 in its May 5, 2011 research report.
"Bajaj Holding and Investment, despite of initial weakness prices bounced back well off the day's lows and managed to close in positive territory last session. The 14-day RSI is staying mixed near the equilibrium while the MACD (12/26/9) is moving flat above its signal line. Also prices bounced back from the key support formed by the convergence of 200-day EMA and medium-term rising trend line near Rs 765 yesterday indicating that positive tone from the February lows is still in force. However further follow through buying above the previous pivot high of Rs 809 is required to confirm the same and turn the sentiments positive towards Fibonacci resistance level of Rs 860 subsequently."
"Only an early close below the support zone of Rs 765/750 will turn the overall sentiment weak negating the upside potential. Buy initially above Rs 809 and then on any dips to Rs 795, with a stop of Rs 765, for a possible target of Rs 860-880," says Aditya Birla Money research report.
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