How to trade Bajaj Finance and Bajaj Finserv post Q1FY24 earnings?

Trend in Bajaj twins remains sluggish and may slide in bear's grip if key levels are breached

Shares of Bajaj twins plunged into a negative terrain post declaring their Q1 results. A drop of over 2 per cent can be seen on Bajaj Finserv, despite announcing strong consolidated net profit on year-on-year basis in its Q1 earning on July 27.

Bajaj Finance, also reported 32 per cent rise in its net profit, but failed to scale higher on stock levels. The stock slipped 4 per cent post the outcome of Q1 result. 

Here’s the technical outlook of Bajaj twins post their Q1 results:-
 

Bajaj Finserv Ltd (BAJAJFINSV) 

Likely target: Rs 1,800 (post crossing Rs 1,670)

Upside potential: 8%

While there is breakout formation of a “Golden Cross”, the counter is not showing strength to cross Rs 1,670-mark, as per the daily chart. A move over this hurdle could lay foundation for the next upside aimed at reaching Rs 1,800 level. 

Immediate closing basis support exits at Rs 1,550, followed by Rs 1,555 and Rs 1,480, which are its 50-SMA and 200-SMA. The stock has risen higher, with a gradual upside that now needs to test and hold crucial supports. CLICK HERE FOR THE CHART

Bajaj Finance Ltd (BAJFINANCE)

Outlook: Trend remains sluggish, with 50-SMA support

Following hitting a new historic peak, the stock witnessed profit booking and struggled to hold key level of Rs 7,800. It did make efforts to conquer the same mark in subsequent sessions, but failed to regain the upside momentum. 

The immediate support falls at Rs 7,200-level, its 50-simple moving average (SMA). The next key area of support comes to Rs 6578, which is its 200-SMA. CLICK HERE FOR THE CHART