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April 4 Shares of Bajaj Finance hit over 5-month high, and technicals suggested further upside. The stock jumped as much as 1.3 per cent to Rs 1,858, its highest since October 19, 2017.
Bajaj Financi stock broke above a resistance at Rs 1,800.4, the 23.6 per cent Fibonacci projection level of the uptrend from December 22, 2016 low to September 7, 2017 high, suggesting a new uptrend for the stock has started.
Trend intensity (TI) indicator rising to 18 confirmed the start of the new uptrend. The stock's 20-day exponential moving average (EMA) also cut above its 50-day EMA last week, another bullish signal for the stock.
The breakout suggested that the stock may now move towards the next Fibonacci resistance at Rs 1,979.3, the 38.2 per cent projection level.
The stock was up 4.4 per cent so far this year as of Tuesday, compared with a fall of 2.7 per cent for the NSE Index.
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