Bajaj Finserv shares climb 3% to hit one-year high levels; what's next on tech charts?

Shares of Bajaj Finserv Ltd resumed their upward move after a single-day halt in Thursday's trade. The stock rose 3.36 per cent to hit a 52-week high of Rs 1,771.50. It was last seen trading 2.77 per cent up at Rs 1,761.40. At this price, the scrip has gained 8.90 in the past one month.

Bajaj Finserv and Bajaj Finance Ltd were buzzing today amid reports of initial public offering (IPO) launch of their mortgage lending arm Bajaj Housing Finance. The intial share sale is expected to hit the market during the first half of September. Bajaj Finance has a 100 per cent stake in Bajaj Housing, while Bajaj Finserv holds 51.34 per cent in Bajaj Finance.

On technical setup, a few analysts suggested that a decisive close above Rs 1,800 can trigger more upside in Bajaj Finserv's stock. With that being said, support could be seen at Rs 1,720, followed by Rs 1,700 level.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Bajaj Finserv has witnessed a very strong rally recently and surged above its previous swing high. On a broader timeframe, the counter has encountered a sloping trendline breakout and is expected to continue its uprun with some in-between hiccups. On the levels front, the Rs 1,680-1,650 zone is likely to cushion any upcoming blips, while on the higher end, Rs 1,800 is likely to be seen as intermediate resilience in the short run, and a decisive breach could only trigger the next leg of the rally in the counter."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 1,700 and resistance at Rs 1,800. A decisive close above Rs 1,800 may trigger a further upside towards Rs 1,850. The expected trading range will be between Rs 1,700 and Rs 1,850 for the short term."

Echoing similar views, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said a decisive close above Rs 1,800 is required for a further upside potential of Rs 1,850. Support will be at Rs 1,720, he added.

As of June 2024, promoters held a 60.64 per cent stake in Bajaj Finserv.