Shares of Bajaj Finserv Ltd resumed their upward trend following a one-day pause in trading on Thursday. The stock increased 3.36 percent, reaching a 52-week high of Rs 1,771.50. It was last seen trading 2.77 percent higher at Rs 1,761.40. At this pricing, the stock has gained 8.90% in the last month.
Bajaj Finserv and Bajaj Finance Ltd were buzzing today with news of the initial public offering (IPO) of their home lending subsidiary, Bajaj Housing Finance. The initial share sale is planned to occur during the first part of September. Bajaj Finance owns 100% of Bajaj Housing, while Bajaj Finserv owns 51.34% of Bajaj Finance.
On the technical front, a few experts believe that a decisive close over Rs 1,800 might spark more gains in Bajaj Finserv's shares. With that stated, support might be found at Rs 1,720, followed by Rs 1,700.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, stated, "Bajaj Finserv has just had a very strong rally, surpassing its previous swing high. On a longer horizon, the counter has broken through a sloping trendline and is projected to continue its upward trend with occasional glitches in between.On the levels front, the Rs 1,680-1,650 zone is expected to cushion any impending blips, while on the upper end, Rs 1,800 is likely to be considered as intermediate resilience in the near run, with a decisive breach only triggering the next phase of the counter's advance."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, stated, "Support would be at Rs 1,700, with resistance at Rs 1,800. A decisive closing over Rs 1,800 might spark a fresh rally towards Rs 1,850. For the medium term, the projected trading range is Rs 1,700 to Rs 1,850.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, shared similar sentiments, stating that a decisive close above Rs 1,800 is necessary for a further upside potential of Rs 1,850. Support would be set at Rs 1,720, he added.
As of June 2024, promoters owned 60.64 percent of Bajaj Finserv.
