Today's Pick -Bajaj Hindusthan

We recommend a buy in Bajaj Hindusthan from a short-term perspective. It is evident from the charts of Bajaj Hindusthan, that following a steep fall from Rs 399 to Rs 117 in short period of nine trading sessions (from January 9 to 22), the stock found support and began to move up.

The up-move that followed retraced more than 50 per cent (fibonacci retracement number) of the steep decline recorded in January. The stock’s 13 per cent jump on March 11, from the 200-day moving average adds strength to the uptrend.

The daily momentum indicator of the stock also bounced off from the 40 level and is rising in the neutral region towards the bullish zone. Moving average convergence divergence indicator is likely to enter the positive territory. We are bullish on the stock in the short-term. We expect the stock’s current uptrend to continue further to our target price level of Rs 270 in the short-term. Investors with a short-term perspective can buy the stock while keeping the stop-loss at Rs 214

Via Business Line