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The stock of Bajaj Consumer Care took support at around ₹175 and bounced up, gaining 4.3 per cent with above average volume on Wednesday. The moving average compression (21-, 50- and 200-day moving averages) at around ₹175 provided cushion for the stock.
Investors with a short-term view can buy the stock at current levels as bullish momentum is being witnessed. The stock recorded a 52-week low at ₹117.5 in late March and since then it has been in an intermediate-term uptrend. In mid-July, the stock breached a key resistance at ₹164 which later turned into a key support and provided base thereafter. It took support from this base in early September and resumed the uptrend.
The daily as well as the weekly relative strength indices are hovering in the neutral region. But the daily and the weekly price rate of change indicators are featuring in the positive territory implying buying interest.
The short-term outlook is bullish for the stock. It can extend the current up-move and reach the price targets of ₹190 and ₹194 in the upcoming sessions. Traders can buy the stock with a stop-loss at ₹178. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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