Dinesh Rohira 5nance.com
Bajaj Corp made a strong rebound on its six-month price chart after consolidating in a range of Rs 496-476. It made a low of Rs 395 levels and managed to breakout from its crucial level of 100-days EMA levels placed at Rs 430.
The scrip touched a high of Rs 468 levels despite closing marginally below with gain of 6.73 percent on an intraday basis, and saw a significant volume build up against its average level in the previous trading session.
The weekly RSI level at 57 has shown a positive price divergence while MACD indicates a likelihood of bullish crossover in the next few sessions. We have a buy recommendation for Bajaj Corp which is currently trading at Rs 457.55.
Disclaimer: The author is Founder & CEO, 5nance.com. 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.
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