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

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

Nandish Shah  |  Mumbai 

bajaj auto, motorcycle, bike, two wheeler

Buy May Future at Rs 3059

Stop loss : Rs 3020

Target: Rs 3125

Rationale:

Long build-up was seen in the 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. ============================ 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.

First Published: Fri, May 24 2019. 06:39 IST
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