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Why BAJAJ FINANCE Shares zoomed 7%? Stock hits record highs.

Bajaj Finance Ltd

NSE :BAJFINANCE   BSE :500034  Sector : Finance

Bajaj Finance Limited sees the financial impact of the second Covid-19 wave to be much milder than the first one, with the company remaining open for business across categories. The large cap stock touched all-time high of Rs.6,115 rising 7.26% in today’s trade and closed at Rs.6086.40 on NSE.

What’s Ahead? Technical outlook of BAJFINANCE:

Stock is trading above 10,20,50 and 100 Exponential moving averages which indicates short term trend and long term trend of the stock is intact. Stock today has gained the momentum and short term traders and swing traders can ride the momentum on the upside. Stock should be kept to radar for the next few trading session. When Fibonacci retrenchment is plotted on daily chart from 5822.20 i.e. 16 Feb 2021 high to the low of 4362 on 19 April 2021 we can observe stock has comfortably closed above previous swing high 5822.20, which will act as strong support for stock. From here short term (6-8 months) target for stock is 6724.60 i.e. 1.618% Fibonacci level. Intraday traders should stay away from stock as it may trade volatile and need to place wide stop losses.

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