Bajaj Electricals jumps on bargain buying

Bajaj Electricals rose 1.70% to Rs 1171.15 on bargain hunting after sliding for four trading sessions.

The stock declined 5.28% in the past four trading sessions to end at Rs 1,151.60 yesterday, from its recent closing high of Rs 1,215.75 recorded on 30 December 2022.

On the BSE, 2,023 shares were traded in the counter so far compared with average daily volumes of 7,402 shares in the past two weeks.

The stock hit a 52-week high of Rs 1,304.75 on 10 January 2022. The stock hit a 52-week low of Rs 857.55 on 17 June 2022.

The stock had outperformed the market over the past one month, advancing 4.67% compared with 4.51% fall in the Sensex.

However, the scrip had outperformed the market in past three months, declining 1.63% as against Sensex's 2.71% rise.

The counter had underperformed the market in past one year, sliding 4.29% as against 0.34% fall in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 53.649. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock is trading above its 50-day, 100-day, 200-day simple moving average (SMA) placed at 1141.70, 1159.02, 1103.87 respectively. These levels will act as crucial support zones in near term.

Bajaj Electricals deals in consumer segments (CP) (which includes appliances, fan and consumer lighting products). The Group also deals in Engineering and projects (EPC) (which includes transmission line towers, power distribution and Illumination Projects).

The company's consolidated net profit declined 4.2% to Rs 60.23 crore on 6.4% decrease in net sales to Rs 1201.14 crore in Q2 FY23 over Q2 FY22.

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