"We expect Bajaj Finance to make an attempt to rally towards its potential target of Rs 2,250 in the medium term," says Hadrien Mendonca, Senior Technical Analyst at IIFL.
Bajaj Finance has been consolidating for the past eight months and has finally broken out from its multi-month channel pattern on the weekly chart. The breakout has also been accompanied with a smart uptick in traded volumes which is a good sign.
The 21-DEMA has proved to be a strong support area whenever stock was under pressure.
We expect Bajaj Finance to make an attempt to rally towards its potential target of Rs 2,250 in the medium term.Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.