Bajaj Auto Limited (BAJAJ-AUTO) Stock - Complete Technical Analysis - Dec 23, 2024

Bajaj Auto Stock Analysis: Key Support & Resistance Levels for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Bajaj Auto Limited (BAJAJ-AUTO) continues to trade under pressure, with its price showing a downward trend after recent failed attempts to break above resistance zones. With its 52-week high at 12774 and current trading levels at 8787, the stock is facing selling pressure near major moving averages like the SMA-50 and SMA-100, both of which signal resistance ahead. Momentum indicators such as the Commodity Channel Index and Williams Percent Range are deeply negative, confirming weak buyer interest. The MACD divergence further reinforces the bearish sentiment, while RSI suggests the stock is nearing oversold territory. Strong support is visible around 8650, which aligns with Fibonacci and Woodie pivots, but a break below this level could open the doors to deeper corrections. Resistance remains firm near 9360, with further upside capped unless there is a significant reversal. The overall setup indicates caution for traders, with volatility spikes indicated by ATR requiring tight stop-loss strategies to manage potential risk.