Bajaj Auto Limited (BAJAJ-AUTO) Stock - Complete Technical Analysis - Sep 03, 2024

Bajaj Auto Stock Analysis: Bullish Momentum vs Bearish Signals NSE Technical Review

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.

For Bajaj Auto Limited (BAJAJ-AUTO), the technical analysis reveals a mixed picture with both bullish and bearish signals.

Current Price: 11,044

Support Levels: The key support levels are around 10,300 and 9,900. These levels are derived from recent price movements and the significant moving averages, such as the 20-day EMA at 10,300 and the 30-day EMA at 10,112. Additional support is indicated by the Classic Pivot S1 at 9,867 and the Fibonacci Pivot S1 at 9,801.

Resistance Levels: The primary resistance levels are near 11,700 and 12,000, supported by the 10-day EMA at 10,630 and the Hull Moving Average at 11,165. The Classic Pivot R1 at 11,418 and the Woodie Pivot R1 at 11,702 further reinforce this resistance zone.

Technical Indicators:

MACD: The MACD line is above the signal line, indicating a bullish trend.

RSI: The RSI is in the overbought zone, suggesting a potential pullback or consolidation.

ADX: The ADX indicates a strong trend, reflecting the current momentum in the stock.

Stochastic Oscillator: Both the Stochastic %K and Stochastic RSI are in the overbought zone, suggesting caution.

CCI: The Commodity Channel Index is high, further indicating the stock is in an overbought condition.

Awesome Oscillator: The oscillator is positive, suggesting bullish momentum.

Williams %R: The indicator is in the overbought range, supporting the cautionary view.

Bull Bear Power: Positive values indicate bullish pressure.

Chart Pattern: A Bearish Harami pattern has been identified, suggesting potential bearish reversal. This pattern often indicates that the recent bullish momentum may be slowing down.

Volatility: The Average True Range (ATR) suggests high volatility, with recent values showing significant fluctuations. This is crucial for setting stop-loss levels and managing risk.

Summary: Bajaj Auto Limited is experiencing strong bullish momentum but is currently overbought according to multiple indicators. Traders should watch for potential pullbacks around resistance levels and consider support zones for entry points. The Bearish Harami pattern suggests that caution is warranted.