Bajaj Finance, PB Fintech, Bank of India: How to trade these 3 buzzing stocks
An analyst from Arihant Capital is observing that prices of Bajaj Finance have reclaimed the 200-days SMA on the daily charts, with a confirmed higher top higher bottom formation.
- Jan 6, 2025,
- Updated Jan 6, 2025 7:35 AM IST
Indian benchmark indices tumbled in the last session of the week and settled lower on Friday as rich valuations and stronger US dollar dented the sentiments at Dalal Street. BSE Sensex tanked 720.60 points, or 0.90 per cent, to end the session at 79,223.11. However, NSE's Nifty50 crashed 183.90 points, or 0.76 per cent, to settle at 24,004.75 for the day.
Some buzzing financial stocks including Bajaj Finance Ltd, Bank of India and PB Fintech Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Bajaj Finance | Buy | Target Price: Rs 8,200-8,600 | Stop Loss: Rs 6,950
We are observing that prices of Bajaj Finance have reclaimed the 200-days SMA (Rs 7,006) on the daily charts. Further the prices have confirmed a higher top higher bottom formation. Even, the momentum indicator RSI is positively poised and at present the stock has started out performing the benchmark indices. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 6,950 for a target of Rs 8,200-8 600 levels in a couple of weeks.
PB Fintech | Buy | Target Price: Rs 2,439-2,565 | Stop Loss: Rs 2,100
We are observing that prices of PB Fintech took support at the 20-days SMA (Rs 2,125) on the daily charts and witnessed upside momentum up to Rs 2,246. Further the momentum indicator viz RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 2,100 for a target Rs 2,439-2,565 levels in a couple of weeks.
Bank of India | Buy | Target Price: Rs 116-122 | Stop Loss: Rs 98
We are observing a double bottom formation in the daily charts of Bank of India. At present, the stock has immediate resistance at Rs 108. Any move above the mentioned level would propel the upside momentum. Even RSI the momentum indicator has taken support at 30 reading and is positively poised. Hence, one can buy the stock at current levels with a stop loss of Rs 98 for a target Rs 116-122 levels in a couple of weeks.
Indian benchmark indices tumbled in the last session of the week and settled lower on Friday as rich valuations and stronger US dollar dented the sentiments at Dalal Street. BSE Sensex tanked 720.60 points, or 0.90 per cent, to end the session at 79,223.11. However, NSE's Nifty50 crashed 183.90 points, or 0.76 per cent, to settle at 24,004.75 for the day.
Some buzzing financial stocks including Bajaj Finance Ltd, Bank of India and PB Fintech Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Bajaj Finance | Buy | Target Price: Rs 8,200-8,600 | Stop Loss: Rs 6,950
We are observing that prices of Bajaj Finance have reclaimed the 200-days SMA (Rs 7,006) on the daily charts. Further the prices have confirmed a higher top higher bottom formation. Even, the momentum indicator RSI is positively poised and at present the stock has started out performing the benchmark indices. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 6,950 for a target of Rs 8,200-8 600 levels in a couple of weeks.
PB Fintech | Buy | Target Price: Rs 2,439-2,565 | Stop Loss: Rs 2,100
We are observing that prices of PB Fintech took support at the 20-days SMA (Rs 2,125) on the daily charts and witnessed upside momentum up to Rs 2,246. Further the momentum indicator viz RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 2,100 for a target Rs 2,439-2,565 levels in a couple of weeks.
Bank of India | Buy | Target Price: Rs 116-122 | Stop Loss: Rs 98
We are observing a double bottom formation in the daily charts of Bank of India. At present, the stock has immediate resistance at Rs 108. Any move above the mentioned level would propel the upside momentum. Even RSI the momentum indicator has taken support at 30 reading and is positively poised. Hence, one can buy the stock at current levels with a stop loss of Rs 98 for a target Rs 116-122 levels in a couple of weeks.