Bajaj Group tops Rs 10 trn m-cap; Key levels to watch out on major stocks

Among individual shares, Bajaj Finance and Bajaj Finserv look ripe for further upside, while Bajaj Auto may witness some consolidation in the near-term, hint charts.

As the equity benchmark indices scaled new heights on Monday backed by a broad-based buying post a decisive verdict in favour of the BJP in 3 out of 4 major state elections, shares of Bajaj Group too achieved a historic feat on December 04.

The combined market capitalisation of five listed Bajaj group of companies topped the Rs 10-trillion (Rs 10 lakh crore) mark for the first-time ever. In the process, joining the elite league of other Groups such as Tata, Reliance, HDFC and Adani, who hold market cap in excess of Rs 10 trillion.

Given the current exuberance at the Bajaj Group counters, here's a quick technical check on the key levels to watch out on these stocks:

Bajaj Finance

Current Price: Rs 7,373

Upside Potential: 9.2%

The key momentum oscillators for Bajaj Finance are clearly in favour of the bulls on the daily chart, thus suggesting a likelihood of the stock testing its super trend line resistance on the upside at Rs 7,600-odd levels in the near term.

However, the price to moving average action is still negative on the weekly scale. For that to turn favourable the stock needs to sustain above Rs 7,425 on a consistent basis. Post that, the stock can potentially rally towards 8,050 level. CLICK HERE FOR THE CHART

Bajaj Finserv 

Current Price: Rs 1,690

Upside Potential: 15%

Bajaj Finserv is presently testing resistance at its super trend line on the weekly scale, which stands around Rs 1,700 level. In case, the stock is able to successfully conquer it, the stock can potentially rally up to Rs 1,830 - Rs 1,945, thus suggesting a potential upside of 15 per cent.

On the downside, the stock is likely to find considerable support around Rs 1,620 - Rs 1,645 levels. CLICK HERE FOR THE CHART

Bajaj Auto 

Current Price: Rs 6,140

Downside Potential: 5%

Bajaj Auto is trading in fairly overbought zone on multiple time-frames, select momentum oscillators have turned negative on the daily scale, thus warranting some caution at current levels.

As per the weekly chart, the bias is likely to remain bullish as long as the stock holds Rs 6,130. The stock is presently trading very close to this support level. Breach and sustained trade below the same, can trigger a dip towards its super trend line support at Rs 5,830. CLICK HERE FOR THE CHART

Bajaj Holdings & Investment 

Current Price: Rs 7,715

Upside Potential: 5.5%

The stock has witnessed a fresh breakout on the weekly scale. The near term bias is likely to remain favourable as long as the stock sustains above Rs 7,570. On the upside, the stock can potentially spurt to Rs 8,150 levels. CLICK HERE FOR THE CHART

Bajaj Electricals

Current Price: Rs 1,017

Upside Potential: 6.2%

After a gap of almost 1.5-month, Bajaj Electricals has managed to close above its 20-DMA (Daily Moving Average). Further, key momentum oscillators on the daily chart have turned favourable, thus indicating likely strength at the counter.

The near-term support for the stock now stands Rs 1,002, whereas; on the upside the stock can test the super trend line resistance at Rs 1,046, above which it can potentially rally towards the 100-DMA at Rs 1,080. CLICK HERE FOR THE CHART