Thacker told CNBC-TV18, "In Bajaj Auto I think there is some kind of a break which could occur. I think the charts are now quite overbought after the good rally, which we have seen over the last few weeks and now we have seen that the prices are now stabilizing. On the downside Rs 1,630-1,600 appears to be very good buying range, that is where the 89 day moving average for the stock is there, that is where the weekly supports are there. So I think Rs 1,630-1,600 could be a very good buying range."
He further added, "The upsides in the short-term could be limited partly due to the fact that the markets have also started tapering off but also the fact is that this stock being in overbought territory probably will spend sometime going into a consolidation mode. So, it will be a good strategy to wait for some kind of declines, on bad days it could be bought at levels of around Rs 1,630-1,600."
