Bajaj Auto could head towards Rs 1280: Thacker

Bajaj Auto is trading below Rs 1,360In case it closes below that, the sentiment is negative. Overall, the stock price still looks going down, it could head towards Rs 1,280 as one of the key targets, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "We were looking at Rs 1,360 to act as a good support on Bajaj Auto. The stock price is apparently right now is trading below that. In case it closes below that, very clearly the sentiment is negative. So even if it closes above that, we might get a couple of days of breather. But overall, the stock price still looks going down, it could head towards Rs 1,280 as one of the key targets." Bajaj Auto touched an intraday high of Rs 1,393 and an intraday low of Rs 1,321.55. At 14:16 hrs the share was quoting at Rs 1,332.15, down Rs 45.65, or 3.31%. It was trading with volumes of 228,923 shares. Yesterday the share closed down 3.69% or Rs 52.75 at Rs 1,377.80.