Aditya Agarwal
On daily chart’s, Bajaj Electricals formed a strong base near 450 level which coincided with the weekly 89-EMA and rebound sharply. Looking at the overall set up, triple top pattern formation can be seen on the daily chart.
The said pattern will be activated only if the stock starts sustaining above the neckline of said pattern pegged near 525.50. The daily 9-45 EMA on price has signaled a positive crossover which supports the bullish hypothesis.
Considering the above technical evidence, we advocate traders to buy this stock above Rs 525.50 with a price target of Rs 576 and a stop loss placed below Rs 495.
Disclaimer: 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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