Shitij Gandhi
After giving a breakout above the ascending triangle pattern, Bajaj Corp has surpassed its 200ays exponential moving average (EMA) on the daily charts and is seen consolidating in the range of Rs 440-465 this week.
The stock is maintaining well above its short and long-term moving averages along with multiple supports on the downside.
At the current scenario, the stock is building up from the rectangle pattern on the daily charts which is generally traded as a continuation pattern.
The positive divergence on the secondary indicators supports the next up move in prices moving forward. Traders can accumulate the stock in a range of Rs 440-450 for the upside target of Rs 485 levels with a stop loss below Rs 415.
Disclaimer: The author is a Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts 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.
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