August 03, 2016
Bajaj Auto (NSE Cash)
SELL
` 2805
` 2735 - 2715
` 2580
5 - 10 sessions
Daily Chart
Source: Falcon (Chart Time: 11:35 IST)
Justification:
This has been one of the outperforming stocks in the ‘Automobile’ space. Of late, this stock posted a new all
time high of 2801.85 and since then has been consolidating in a small race. Now, we are observing some
signs of exhaustion, which may lead to near term profit booking in the stock. On the weekly chart, we
witnessed a formation of ‘Gravestone Doji’ during the penultimate week and now on the daily chart, this stock
is struggling around 2780, which is the 88.6% retracement of the recent small down move as well as
‘Parabolic SAR’ indicator. Looking at the hourly chart structure, we expect some profit booking in the near
term. Hence, Traders are advised to sell the stock at current levels and on a bounce up to `2735 for a target of
`2580 in next 5 - 10 sessions. The stop loss for the trade set-up can be kept at `2805.
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August 03, 2016
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Source: Angel Research
**Dividend of ` 12/share adjusted
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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