Bajaj Finserv hits new record high

Bajaj Finserv gained 0.43% to Rs 17,642, extending its winning run to fourth consecutive trading session.

Shares of Bajaj Finserv have surged 6.3% in four trading sessions from its previous closing low of Rs 16,730.80 on 16 September 2021. The counter hit an all time high of Rs 17,780.45 in intraday today. The stock has surged 224% from its 52-week low of Rs 5,401 recorded on 24 September 2020.

In last one month, the stock has moved nearly 15% higher outperforming Nifty 50 index which rose 6.3% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 75.778. 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 15081.62 and 13407.15 respectively. These levels will act as crucial support zones in near term.

Bajaj Finserv (BFS) is the holding company for the various financial services businesses under the Bajaj group. BFS participates in the financing business through its 52.65% holding in Bajaj Finance (BFL) and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). Bajaj Housing Finance (BHFL), which does mortgage business and Bajaj Financial Securities (BFinsec), which does broking business, are wholly-owned subsidiaries of Bajaj Finance.

On a consolidated basis, BFS posted a 31.47% fall in net profit to Rs 832.77 crore on 1.7% decline in total income to Rs 13,949.45 crore in Q1 FY22 over Q1 FY21.

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