Bajaj Finance gains on bargain buying

Bajaj Finance advanced 2.42% to Rs 7,275.90 on bargain hunting after sliding for five trading sessions.

The stock fell nearly 8% in the past five sessions to end at Rs 7,104.20 yesterday, from its recent closing high of Rs 7721.10 recorded on 22 September2022.

On the BSE, 25,450 shares were traded in the counter so far compared with average daily volumes of 1.00 lakh shares in the past two weeks. The stock hit a high of Rs 7,304.9 and a low of Rs 7,028 so far during the day.

The stock hit a 52-week high of Rs 8043.5 on 19 January 2022. The stock hit a 52-week low of Rs 5235.6 on 17 June 2022.

The stock had outperformed the market over the past one month, shed 0.38% compared with 3.68% fall in the Sensex.

The scrip had also outperformed the market in past three months, rising 34.73% as against Sensex's 8.17% rise.

However, the counter had underperformed the market in past one year, down 5.15% as against 3.01% declined in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 50.853. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading above its 50-day, 100-day and 200 day simple moving average (SMA) placed at 7162.81, 6453.50 and 6737.27, respectively. These levels will act as crucial support zones in near term.

Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.

The NFBC's consolidated net profit surged 158.99% to Rs 2,596.25 crore on 37.66% jump in total income to Rs 9,282.71 crore in Q1 FY23 over Q1 FY22.

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