Shares of non-banking financial company Bajaj Finance Ltd gain as much as 2.59 per cent to Rs 2,765, their highest since September 4, 2018.
Stock breaks above a resistance at Rs 2,738.7, the 76.4 per cent Fibonacci retracement level of the downtrend from August 29, 2018 high to October 8, 2018 low. A close above this 76.4 per cent level may lead to further rise up to the next resistance at Rs 2,846.85, the 86.4 per cent retracement level.
Stock's wave pattern suggests, it is in the final wave of a five-wave uptrend. Price movement is confined to an ascending trend channel and prices are expected to rise unless the lower trendline of the channel is broken.
MACD is positive and above its signal line. Stock up 64.6 per cent in the last one year as of Tuesday's close, outperforming the broader NSE Index's 6.1 per cent gains in the same period.
The stocks of Bajaj Finance was trading at Rs 2,737.20, higher by 1.60 per cent.
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