Accumulate Bajaj Auto in the range of Rs 2,865-2,875: Religare Securities

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  Trading ideas from Religare Securities for today’s trade:
 
Bajaj Auto Limited - BUY
Close: Rs 2,867.75
Initiation range: Rs 2,865-2,875
Target: Rs 2,820
Stop loss: Rs 2,980
 
Among the auto stocks, Bajaj-auto has been gradually inching higher while sustaining above its long term averages.

It’s currently trading around the support area of multiple moving averages and formed a fresh buying pivot on daily chart. Indications from the auto index chart is also favouring strong surge ahead.

Traders should accumulate fresh in the range of 2865-2875 with a closing stop loss of 2820 for the target of 2980.
 
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