May 23, 2017
Bajaj Auto (NSE Cash)
BUY
` 2780
` 2880 - 2900
` 3080
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: 10:10 IST)
Justification:
This ‘Automobile’ stock has witnessed a bit of correction in last 3-4 days after witnessing a strong rally from lower levels.
However, the ‘Higher Top Higher Bottom’ structure on the daily chart is still intact. Importantly, the weekly chart
structure looks still very encouraging. As far as oscillators reading is concerned, the ‘RSI-Smoothened’ on weekly chart is
still maintinaing its position above the 70 mark, which we believe would provide the impetus for the next leg of the
upward rally. Traders are advised to buy this stock at current levels to a decline up to `2880 for a target of `3080
over the next 14 - 21 sessions. The stop loss should be fixed at `2780.
Sameet Chavan
022-3935 7600 Extn: 6552
1
May 23, 2017
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Active
Source: Angel Research
Research Team Tel: 022 - 4000 3600
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