Bajaj Finance can hit Rs 7600; Bajaj Finserv can reach Rs 15,400 levels

Both, Bajaj Finance and Bajaj Finserv, may enter a long-term bull run if the current levels are held decisively for few more sessions

Shares of Bajaj Finance and Bajaj Finserv were roaring on Thursday amid stellar Q1 performance by the former, and likely stock split or bonus announcement by the latter.

Shares of Bajaj Finance gained 9.4 per cent to Rs 6,999 on the BSE in Thursday’s intra-day trade, surging 12.7 per cent in two days, after the company reported 159 per cent year-on-year (YoY) jump in its consolidated net profit to Rs 2,596 crore for the quarter ended June 2022 (Q1FY23). READ MORE

Thus far in the month of July, the market price of Bajaj Finance has appreciated 29.6 per cent, as compared to 6.8 per cent rise in the S&P BSE Sensex.

Here's the technical outlook for top Bajaj group stocks:-

Bajaj Finance Ltd (BAJFINANCE)

Likely target: Rs 7,600

Upside potential: 10%

A push above 200-day moving average (DMA), for the first time since April 2022, suggests that bulls have managed to retaliate decisively. From here on, a sustained move above 200-DMA would take the stock towards Rs 7,600-mark, the imminent hurdle according to the daily chart. The closing basis support comes at Rs 6,970 levels, its 200-DMA. Moreover, the medium-term bullishness shall remain intact till the support of Rs 6,200 level is maintained. CLICK HERE FOR THE CHART

Bajaj Finserv Ltd (BAJAJFINSV)

Likely target: Rs 15,400

Upside potential: 7%

Bajaj Finserve stock, on Thursday, managed to conquer its 100-DMA-mark set at Rs 13,734 with an aggressive price action. Such chart pattern exhibits a robust strength, which could undoubtedly take the stock to higher heights. The 200-DMA is positioned at Rs 15,400, where the stock aims to reach in the short-term. Support exists at 100-DMA mark. The Moving Average Convergence Divergence (MACD) overcame the zero line hurdle, reflecting a positive momentum on upward bias. CLICK HERE FOR THE CHART