Moneycontrol
Last Updated : Dec 07, 2018 11:56 AM IST | Source: Moneycontrol.com

Sell Bajaj Finserv, target Rs 5375: Hadrien Mendonca

The stock has also broken below its long-term 200-DEMA further accentuating our bearish stance on the stock in the near-term, says Hadrien Mendonca of IIFL.

Moneycontrol Contributor @moneycontrolcom
 
 
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Hadrien Mendonca

Bajaj Finserv has been consolidating for the past three trading sessions and has finally broken down from the rising channel pattern seen on the daily chart.

Our weekly chart analysis indicates that the stock is on the verge of forming a ‘Bearish Engulfing pattern’. The stock has also broken below its long-term 200-DEMA further accentuating our bearish stance on the stock in the near-term.

Disclaimer: The author is Senior Technical Analyst at IIFL. 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.
First Published on Dec 7, 2018 11:56 am
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