In the previous session, The Nifty index opened on a flat note but soon slipped into negative territory. Till the middle of the session, the index saw more selling pressure. Later we have seen a remarkable recovery in both indices. The Nifty index took a strong support of 17000 level and closed with a net gain of 69 points. The Nifty is trading in a range bound level between 17000-17500 levels. We recommend continuing to approach the markets in a stock specific way.

Look at the below research report of ‘Stocks to Buy for – Tuesday, March 29, 2022’ before the market opens.

Bajaj Auto Ltd

We have posted a daily chart of Bajaj Auto Ltd. Stock formed a Bullish candle on the chart and closed with a net gain of 0.91%. Price has formed a ‘Double Bottom Pattern’ on the Weekly chart. It is a continuation chart pattern, in which we can see that upward price action after the formation of the two similar bottoms. As per the chart reading, a long entry signal will be triggered only above previous day’s high near 3737 level. The Relative Strength Index (RSI) on the daily chart is 54.54. We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is 21.54 which indicates that there is more room available on upside for the stock.

In short, Bajaj Auto has continued to trade in the positive zone. Now a move above previous day high above 3737 will confirm the continuation of the uptrend and open up gates for higher levels towards 3990/4260. As far as we do not see any closing below 3455 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis on BAJAJAUTO at: Bajaj Auto Ltd