Bajaj Auto Limited Stock Forecast

Evaluation of Bajaj Auto Limited stock downgraded after the last trading session.
(Updated on May 20, 2024)

BAJAJ-AUTO.NS Signals & Forecast

There are mixed signals in the stock today. The Bajaj Auto Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹8,910.82 and ₹8,938.26. A break-up above any of these levels will issue buy signals. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. A buy signal was issued from a pivot bottom point on Friday, May 17, 2024, and so far it has fallen 0%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Bajaj Auto Limited stock

Bajaj Auto Limited finds support from accumulated volume at ₹8,635.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 2.03%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (BAJAJ-AUTO.NS) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Bajaj Auto Limited to open at ₹8,780.70, and during the day (based on 14 day Average True Range), to move between ₹8,572.45 and ₹8,988.95, which gives a possible trading interval of +/-₹208.25 (+/-2.37%) up or down from last closing price. If Bajaj Auto Limited takes out the full calculated possible swing range there will be an estimated 4.74% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹8,804.50 (0.27%) than the support at ₹8,635.60 (1.65%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Bajaj Auto Limited stock A Buy?

Bajaj Auto Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.084 Sell Candidate Downgraded

Predicted Opening Price for Bajaj Auto Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.