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Four reasons why you should buy Bajaj Auto May Future in trade today

Nandish Shah/Mumbai 24 May 19 | 06:39 AM

Buy Bajaj Auto May Future at Rs 3059 

Stop loss : Rs 3020 

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Target: Rs 3125

Rationale:

Long  build-up was seen in the Bajaj Auto Futures’ on Thursday, where  we  have seen 8% rise in Open Interest (OI) with price rising by 0.60%.

Stock price has been forming higher-top, higher-bottom formation on the weekly chart.

The stock  is  trading above its 5, 20 and 200-day simpole moving average (SMA), indicating that the counter is in an uptrend for all the time frames.

Oscillators and Mometum Indicators, like RSI and MACD, are showing strength on the weekly charts.

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The author is a Senior Technical & Derivative Analyst at HDFC Securities

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.



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