Bajaj Housing share price was marginally up on Monday as it traded at Rs 113.80 at the time of writing after rising by 0.1%. The stock has gained 3.2% in the last month and rose by 4.5% in the last five sessions, underlining a strengthening upward momentum. However, it is still down by 10.6% year-to-date.
The gains by Bajaj Housing are an antithesis to the wider Indian equities markets, which have been ona general decline in recent weeks. The Sensex Index is down by 4.7% year-to-date, while the Nifty 50 Index has lost 4.5%. In addition, both benchmark indices are on course to complete a four-month losing streak, with the Nifty 50 down by 4% in February and Sensex at -3.8% for the month.
Bajaj Housing share price listed at Rs 150 at the NSE and BSE in September 2024, meaning that it has declined by about 25% from that level. The stock has been ranging between Rs 107-Rs 123 for the better part of the last month. Therefore, if Bajaj (BSE: BAJAJHFL) breaks above the upper band, it could be significant in confirming a medium-term uptrend. On the downside, Bajaj Housing share price will need to stay above the psychological Rs 110 to avoid triggering a bearish sentiment.
The momentum on Bajaj Housing share price calls for further upside above the Rs 112.70 pivot mark. The upside will likely meet the first hurdle at Rs 114.50, but an extended control by the buyers will break above that level and potentially test Rs 116.
On the other hand, the trend could head downward if the price breaks below Rs 112.70 That could see the first support come at Rs 111.35. The upside narrative will be invalid if the price breaks below that level. The resulting momentum could take the action higher and test the second resistance at Rs 110.30
This post was last modified on Feb 24, 2025, 11:12 GMT 11:12