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K Seshadri
Bajaj Auto is a safe choice to play in a market that has been marked by much turbulence. This scrip has an established bottom at Rs 511 at one level and Rs 504 under the worst case scenario, in its recent past. On Thursday, it showed high intra day movement, indicating that it does have the upside potential. It moved up to a high of Rs 535. On the upside, it has resistance only at Rs 545.
So one could log on to this scrip and hope to earn a decent return. The stochastics are positive and indicate scope for upside growth. Two wheeler stocks have been showing unusual weakness of late.
Despite that Bajaj Auto has tried to maintain much above the bottom level of Rs 504. This is a positive signal on which you can act.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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