Trade Idea of The Day - Bajaj Finance Ltd Target Rs. 45 - Religare Broking Ltd
Bajaj Finance Ltd
BUY 25 AUG 1100 CALL SELL 25 AUG 1160 CALL Entry Range 16 - 20 Target 45 Stop Loss 10
Rationale
* On the daily chart BAJFINANCE maintains a strong bullish structure, with the stock sustaining above both the 20-DEMA and 50-DEMA aligned with the 1080 and 1020 mark respectively.
* From the technical prospective, the stock price continue to form higher highs and higher lows after the recent breakout, while holding firmly above the immediate support zone. Sustained trading above this level keeps the broader uptrend intact and also trigger fresh upside momentum in the near term.
* The momentum indicator, 14-day RSI hover near 60 mark, indicating positive momentum with sufficient room for further appreciation before entering overbought territory, supporting the continuation of the prevailing trend.
* MACD histogram remains in positive territory with a bullish setup, reinforcing the momentum bias. A decisive move above the immediate hurdle of 1160 zone could open the door toward 1200, while 1080 remains the key downside cushion.
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