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Shares of Bajaj Finance hit a record high, and technicals suggested more upside. The country’s largest consumer finance company by market-cap rose as much as 1.39 per cent to a record high of Rs 2,302.1.
The stock has broken above a resistance at Rs 2,268.5, the 61.8 per cent Fibonacci projection level of the uptrend from December 22, 2016 low to September 9, 2017. The breakout suggested that the stock may now move towards the next resistance at Rs 2,447.4, the 76.4 per cent projection level.
Price volume trend, also at a record high, supported the price move. Trend Intensity (TI) indicator jumped to 33, suggesting that the stock is in a strong uptrend. MACD is positive and above its signal line.
With 29.25 per cent gains this year as of Tuesday's close, Bajaj Finance is the third biggest percentage gainer among NSE Index companies; Tech Mahindra and TCS, up 38 per cent and 35 per cent, are the top gainers.
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