Bajaj Finance hits record high; rises 5% in five days

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Bajaj Finance gained 0.39% to Rs 5,924.70, extending its winning run to fifth consecutive trading session.

Shares of Bajaj Finance have rallied 5.63% in five trading days from its previous closing low of Rs 5,609.55 on 28 May 2021. The counter hit a record high of Rs 5,958.40 in intraday today. The stock has soared 169% from its 52-week low of Rs 2199 hit on 12 June 2020.

On the technical front, the stock's RSI (relative strength index) stood at 68.343. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 5285.90 and 5285.85 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 NBFC's consolidated net profit jumped 42% to Rs 1,347 crore on 5% decline in total income to Rs 6,855 crore in Q4 FY21 over Q4 FY20.

Meanwhile, the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 4% while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 4 June 2021.

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