Bajaj Finserv

Bajaj Finserv (BAFINS): Flag formation signifies continuance of primary up trend…

* The Nifty Financial Services index has taken a breather after November- January sharp up move. We remain constructive on Bajaj Finserv as it has relatively outperformed the BFSI space

* The consolidation in a | 9450- 8500 range after the NovemberDecember sharp rally (| 9450- 5511) has taken shape of a Flag formation. Breakout from Flag formation signifies continuation of primary up trend. We expect the index to resolve out of ongoing consolidation. Hence, it offers a fresh entry opportunity

* Structurally, the elongated up trend followed by shallow price retracement highlights robust price structure as buying demand observed at elevated support base augurs well for the next leg of up move

* In a nutshell, we expect the stock to log a resolute breakout from Flag formation and gradually head towards | 10400 in coming months as it is the implied target of ongoing consolidation (| 9450- 8500), at | 10400

Buy Bajaj Finserv Ltd @ 9100.00-9300.00 TGT 10400 SL 8590.00

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