Bajaj Finserv slides over 9% in four days

Bajaj Finserv declined 1.18% to Rs 1413, extending losses for the fourth consecutive trading session.

Shares of the Bajaj Finserv lost 9.61% in four trading sessions from its recent closing high of Rs 1,563.25 on 3 January 2023.

On the BSE, 1.01 lakh shares were traded in the counter so far compared with average daily volumes of 92,000 shares in the past two weeks. The stock hit a high of Rs 1,451 and a low of Rs 1,409.60 so far during the day.

The stock hit a 52-week high of Rs 1,861.61 on 19 January 2022. The stock hit a 52-week low of Rs 1,077.70 on 1 July 2022.

The stock had underperformed the market over the past one month, declining 11.60% compared with 2.67% decline in the Sensex.

The scrip had underperformed the market in past three months, sliding 16.85% as against Sensex's 4% rise.

The counter had underperformed the market in past one year, slipping 20.39% as against 1.3% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 26.514. 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 was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1,619.76, 1,658.42 and 1,514.98, respectively. These levels will act as crucial ressitance zones in near term.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.49% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

Bajaj Finserv reported 39% rise in consolidated net profit to Rs 1,557 crore on a 16% increase in total income to Rs 20,803 crore in Q2 FY23 over Q2 FY22.

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