Bajaj Auto Limited (BAJAJ-AUTO) Stock - Complete Technical Analysis - Nov 18, 2024

Bajaj Auto Technical Analysis Key Support and Resistance Levels Trend Analysis 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) is currently trading at 9,516, down 25% from its 52-week high of 12,774. The stock has recovered significantly from its 52-week low of 5,461, showing positive potential for long-term growth. A closer look at recent price action reveals notable fluctuations, with price drops and surges, signaling a somewhat volatile market sentiment.

Key indicators like the RSI at 34.37 suggest that BAJAJ-AUTO could be nearing oversold levels, which could indicate a potential buying opportunity in the short term. However, the MACD is negative, signaling bearish momentum. The ADX reading of 39.13 shows that the stock is currently in a strong trend, but its direction remains uncertain, as both bullish and bearish pressures are present.

The stock is trading below its short-term moving averages, confirming the bearish trend. The 200-day EMA of 9,452 serves as a strong support level. A break below this could lead to further downward movement. On the upside, the resistance zone lies between 9,600 and 9,650.

Traders should monitor these levels closely. A bounce off support could offer a favorable entry point, while a break above resistance might confirm a potential rally. With some volatility in the mix, setting stop-loss orders below 9,450 can help manage risks.