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| 18 May, 2024, 03:34 PM IST | Today's ePaper
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Business News›Markets›Stocks›News›Stock Radar: Down 10% from highs! Why Bajaj Finserv is a long-term pick at current levels
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Synopsis
The stock hit a fresh 52-week high of Rs 1,741 on December 15, 2023, but failed to hold on to the momentum. It slipped below the 50-DMA in February on the daily chart but found some support above the 200-DMA. It is also trading in a 15-year-old Rising Channel pattern on the monthly charts. The recent selloff pushed the stock towards the support zone of the channel. Hence, a technical bounceback could be on the cards.
Bajaj Finserv Ltd, a part of the financial services industry, has fallen over 10% from the recent highs and has taken support above the long-term moving average on the daily chart. This suggests that a possible bounce-back may be on the cards.Medium- to long-term investors can look at accumulating the stock on dips as the chart structure suggests that bulls can make a comeback.The long-term target is placed above 1,900, which will take it
BY
Ksh*tij Anand
ETMarkets.com
3 mins read, Last Updated:
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