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Published on 2/11/2018 4:00:31 PM | Source: Choice Broking Pvt Ltd

Buy Bajaj Finserv Ltd For Target Rs.5900.00 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #NBFC #Bajaj Finserve ltd #Trading Report #Choice Broking

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*  On a daily chart, the stock has given a breakout of its range-bound movement with above average volume which indicates a robust upside movement in the counter.

*  Moreover, the stock has started to trade above its 21 Days Moving Average which is placed at 5475.40 level which shows a positive trend of the counter.

*  Apart from this, after a healthy correction, the stock has managed to pause its downside move at 5000 level which is a strong Horizontal Trend line support which shows a bounce back moves in the counter.

*  A daily momentum indicator RSI reading is at 45.35 level with a positive crossover, besides the RSI has formed a Positive Divergence which points out for a positive breath in the stock.

*  Based on the above technical structure, we are expecting a good upside movement in the counter in few trading sessions.

 

Recommendation

Buy Bajaj Finserv Ltd Nov Fut @ 5530.45- 5558.25 Stoploss 5400 Target 5900

 

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