Trade Idea of The Day - Bajaj Finserve Ltd Target Rs. 56 - Religare Broking Ltd
Bajaj Finserve Ltd
BUY 25 AUG 2040 CALL Entry Range 23 - 27 Target 56 Stop Loss 10
Rationale
* BAJAJ FINSERV maintained its bullish structure, with the stock prices trading firmly above both the 20-DEMA as well as 50-DEMA trendline, indicating sustained buying interest and a positive medium-term trend.
* The recent corrective fall from the 2100 zone suggesting a near term profit taking and found support near 2000 zone. Sustaining above 2000 would keep the immediate bullish setup intact.
* The key momentum indicator 14-day RSI hover near the 60 mark and maintained a positive upside move without entering the overbought zone, suggesting further room for upside momentum in the coming sessions.
* On the daily timeframe MACD histogram traded in the positive territory, which supports the bullish bias. A sustained move above 2050 could trigger a retest of 2100, followed by 2150, while 2000 remains the key support.
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