Bajaj Consumer Care has fallen by over 5 per cent so far in 2021 compared to 24 per cent upside seen in the Nifty50 in the same period but the recent price action on daily charts suggests that there could be a reversal on the cards.

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Shares of Bajaj Consumer have fallen by about 40 per cent from the recent 52-week high of Rs 323.50 to Rs 202 recorded on 13 December.

The stock has rallied by over 10 per cent in the last 5 trading sessions suggest that Bajaj Consumer has bounced back from key support levels, and the next target could be in the range of Rs 245-260 that translates into an upside of 28 per cent from Rs 202 recorded on 13 December in the next 2-3 months, suggest experts.

Bajaj Consumer Care Ltd., part of the Bajaj Group of Companies, is one of India’s well-established companies in the beauty care category.

Our flagship brand, Bajaj Almond Drops Hair Oil, is a leading name in the Hair Oil market. The Company also owns the Nomarks Brand in India, said the company website.

Technically, the stock has been trading below 50,100 & 200-Days Moving Average. However, it is trading above the 30-Days SMA.

The stock has witnessed a decent correction in the past 5 months from the peak level of around 306 which was attained in the beginning of July 2021 and thereafter has slipped down to bottom out recently near 180 levels with indicators beginning to get better.

A big positive bullish candle witnessed currently with tremendous volume participation has signified improved bias and the stock has immense upside potential from current levels, suggest experts.

“The RSI indicator also has given a prominent trend reversal from the highly oversold zone to signal a buy and has got strength and potential to carry on the momentum still further upward in the coming days,” Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd, said.

“The chart looks very attractive and further a decisive cross above significant 50EMA level of 214 would further strengthen the bias and trend to anticipate for the fresh upward move,” she said.

Parekh suggests investors buy and accumulate this midcap stock for an upside target of 245-260 keeping the stop loss near 180 levels for a time frame of 2-3 months and expect decent returns from the investment.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)