Bajaj Finserv has given a falling trendline breakout on the weekly chart which suggests that the stock may move northwards in the short term. In addition, the stock has moved up above its recent consolidation pattern on the daily chart which suggests growing optimism. The stock price has moved above 38.2 percent retracement of previous fall Rs 7200 to Rs 4950.
Traders can accumulate the stock in the range of Rs 5830-5860 for the target of Rs 6342 with a stop loss below Rs 5629.
Disclaimer: The author is Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.