Bajaj Auto Limited (BAJAJ-AUTO) Stock - Complete Technical Analysis - Oct 04, 2024

"Is Bajaj Auto Ready for a Rebound Latest Technical 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 Auto Limited Technical Analysis:

As of October 4, 2024, Bajaj Auto is trading at 11,774. The stock's performance has shown some volatility recently, marked by a high of 12,018.85 on October 3 and a low of 11,639.00 on October 4. This indicates a noticeable drop and the stock remains 7.83% below its 52-week high, which was reached just a week ago. In terms of price trends, the recent close is significantly above the 52-week low, demonstrating strong bullish sentiment over the past year.

The Average Directional Index (ADX) at 52.72 suggests a strong trend, indicating that traders should pay attention to price movements. The RSI at 53.98 shows that the stock is neither overbought nor oversold, hinting at the potential for upward movement if buying pressure increases. The Stochastic %K is at 26.76, indicating that the stock may be approaching oversold conditions, which could present a buying opportunity.

Recent price action indicates some gaps, particularly with the sudden drop from the high of 12,018.85, which could signify profit-taking. The high volatility seen in the ATR readings suggests that traders should be cautious, as sharp price movements could occur. Additionally, the Awesome Oscillator at 934.73 reflects strong bullish momentum, while the Williams Percent Range indicates oversold conditions, suggesting a potential reversal.

In summary, Bajaj Auto's technical indicators show strong trend momentum but caution should be exercised due to recent price volatility. Traders should watch the support level at around 11,639 and resistance near 12,018. If the stock maintains above the key moving averages, further upside is plausible.