spot_img
Monday, June 27, 2022
No menu items!
More
    spot_img
    HomeBusinessTech Query: What is the outlook for Bajaj Consumer Care?

    Tech Query: What is the outlook for Bajaj Consumer Care?

    -

    Technical Analysis

    We zoom in on the stock’s prospects

    I had bought shares of Bajaj Consumer Care for an average price of ₹172.30 in December last year. The price has dropped after that. Should I buy more, or shall I exit the stock?

    Dr Mallesh

    Bajaj Consumer Care (₹140.65): The broader trend for this stock has been largely down since 2018. However, there is a crucial long-term trend support coming up at ₹126. It is going to be important to see if this stock is managing to hold above this support or not. A bounce from ₹126 and a subsequent rise past ₹185 can take the prices up to ₹240-250 over the next six months. A break above ₹250 will then pave way for ₹320. Such a move will indicate a double bottom formation on the chart. In that case, a break above ₹320 will be very bullish to revisit ₹500-520 over the next two years or so.

    On the other hand, if Bajaj Consumer Care breaks below ₹126, it can see a steeper fall to ₹85-80 in the next two-three months. You can consider buying more at ₹133. Keep a stop-loss at ₹108 and strictly adhere to it. As the stock bounces from ₹126, trail the stop-loss up to ₹190 as soon as the stock moves up to ₹235. Move the stop-loss further up to ₹230 as soon as the stock touches ₹310. You can consider exiting 30 per cent of your holdings at ₹315. Move the stop-loss for the balance 70 per cent to ₹310, when the stock moves up to ₹380. Exit the balance holdings at ₹490.

    Send your queries to [email protected]

    Published on June 04, 2022

    You May Also Like

    Recommended for you

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Stay Connected

    0FansLike
    0FollowersFollow
    3,367FollowersFollow
    0SubscribersSubscribe
    spot_img

    Latest posts