Bajaj Auto Limited (BAJAJ-AUTO) Stock - Complete Technical Analysis - Oct 22, 2024

Technical Analysis of Bajaj Auto: Support & Resistance Levels Explained

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 is currently trading at 10,368, which is significantly below its 52-week high of 12,774, indicating a substantial price drop of 18.83%. However, it is trading much higher than its 52-week low of 5,236, up 98.02%. In the last five trading days, we see a clear indication of volatility, with the stock experiencing sudden price drops. For instance, on October 16, the stock closed at 11,616.95, followed by a significant decline.

Analyzing the current indicators, we see an ADX of 35.03, which signals a strong trend, but the RSI of 34.64 indicates the stock is nearing oversold conditions. This combination suggests a potential reversal could be imminent if buying momentum picks up. Key resistance is observed around the 11,500 level, while immediate support is around 10,300. Traders should keep an eye on these levels, as they could determine the stock's direction in the near term.

Overall, Bajaj Auto is navigating through a challenging phase with mixed signals from technical indicators. Observing the momentum shifts through MACD and Stochastic indicators will be crucial in identifying potential buying or selling opportunities.