Bajaj Finance Ltd

NSE :BAJFINANCE   BSE :500034  Sector : Finance

Shares of BAJAJ FINANCE LIMITED fell 4.5% on Monday’s trading session. The stock fell from its 52-week high level and closed at 5729.75 on NSE. Bajaj Finance shares fell in early trade after the NBFC issued an update about the effect of the Covid-19 wave on the financials of the firm. The large-cap stock has fallen after five days of consecutive gain. In its mid-quarter update, the firm said B2B and auto finance businesses were most affected due to strict lockdowns in the majority of states.

What’s Ahead? Technical outlook of BAJFINANCE:

Stock is currently in an uptrend and is trading above 20, 50 and 200 Exponential moving averages. It’s one of the most outperforming stocks in Nifty-50. It is currently trading in an upward sloping channel pattern, as marked in the chart above. Stock can hold channel support at 5704. On Tuesday, June 08, 2021, if it breaks the support level, it will find support at 20-EMA, which is at 5644. As the trend for the stock is up and is trading near its support level, we suggest swing traders accumulate the stock on correction around 5660- 5644 with a stop loss placed below 5595 for the targets of 6070 in the next couple of trading sessions.

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