Bajaj Finance Limited (BAJFINANCE) Stock - Complete Technical Analysis - Oct 04, 2024

Bajaj Finance Technical Analysis: Is It Time to Buy or Sell Price Predictions & Insights

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 Finance Limited is currently trading at 7,211, showing a notable 11.97% drop from its 52-week high of 8,192 reached on October 6, 2023. The stock is also 16.54% above its 52-week low of 6,187.8 recorded on March 6, 2024.

Recent price action indicates a bearish trend, with a sudden price drop noted in the last five trading sessions. The stock opened at 7,420 on October 4, but quickly fell to a low of 7,155 before closing at 7,211. Analyzing the previous days, a consistent downtrend is evident, with the stock closing lower than its previous highs, indicating potential selling pressure.

Support levels can be identified around 7,155 and 7,200, while resistance is likely near 7,400 and the recent high of 7,430. The Average True Range (ATR) indicates significant volatility, emphasizing that traders should be cautious of sudden price swings.

Technical indicators such as MACD indicate a bearish momentum shift, while the RSI shows neutral levels, suggesting that the stock may be consolidating. The Awesome Oscillator is positive, hinting at possible buying interest. However, the Stochastic RSI indicates oversold conditions, which could lead to a short-term rebound if buying pressure emerges.

Investors should keep an eye on price action around the support level of 7,155 and the resistance of 7,400. A breach below 7,155 could signal further downside, while a push above 7,400 might trigger renewed buying interest.