BAJAJ AUTO Trading Buy Target 1780.
Ø Bajaj Auto after consolidating for a longer time have give a price volume break out crossing 200 DMA and Signalled a buy on our systems at 1550 with strong RSI oscillator making the up move reliable
Ø Technically stock has broken major resistance of 1481.Last time the stock took support at same level and rallied 22.37% with strong RSI signal.(see the Chart Attached)
Ø Fundamentally Bajaj Auto’s 3QFY12 adjusted earnings came in 4% beating estimates by higher margins. Robust exports coupled with a weaker rupee helped Bajaj Auto Ltd which is the country’s second largest motorcycle maker.
Ø December two-wheeler sales in India rose 8.52%. Bajaj Is going to launch the new Pulsar and the KTM Duke by January-end. With 35% of Bajaj’s revenues coming from exports and the company launching models that will fetch them better realization and margins, Bajaj is well poised to face the changing dynamics of the market.
Ø We suggest going Long on BAJAJ AUTO at cmp 1560 With at stop at 1480. With a price target of 1780 i.e. 15% upside.
No comments:
Post a Comment