Cash News
Shares of Bajaj Housing Finance Ltd recorded a sharp fall in Monday’s trade. The stock tanked 9.96 per cent to hit a day low of Rs 135.65. At this price, it has declined 28.02 per cent from its record high value of Rs 188.45, a level seen on September 18 last month.
Despite the mentioned drop, the scrip has rallied 93.79 per cent against its initial public offering (IPO) price of Rs 70. Bajaj Housing made a bumper stock market debut on September 16.
“We are witnessing profit booking in the stock. Investors with a long-term view can hold on to the stock. Fresh buying is not advised at current levels. One should wait for earnings. Those who invested in the IPO can consider booking some profit,” said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
Technically, near-term support on the counter could be seen at Rs 134. And, investors looking for an aggressive entry should wait for a confirmed breakout above the Rs 150 zone.
“Support will be Rs 134 and resistance Rs 145. A decisive close above Rs 145 level may trigger a further upside towards Rs 155. The expected trading range will be between Rs 130 Rs 155 for the short term,” said Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi.
“Bajaj Housing has broken down from a key support level of Rs 150. The stock has been under pressure, reflecting broader market conditions that have impacted small and mid-cap stocks. External factors, such as Sebi’s new margin regulations, political uncertainty ahead of key state elections, rising crude oil prices, and the ongoing conflict in the Middle East, have all contributed to the stock’s decline,” said Ameya Ranadive CMT CFTe, Sr. Technical Analyst at StoxBox.
Despite these challenges, Ranadive said Bajaj Housing presents a potential buy opportunity if it can reclaim and sustain above Rs 150 level. “The stock has limited data as it was listed only in mid-September, but this level could act as a strong base for future upward movements. Investors should remain cautious, and those looking for a more aggressive entry can wait for a confirmed breakout above Rs 150 before considering a long position,” he stated.
Bajaj Housing Finance — a part of Bajaj Group — is a non-deposit-taking housing finance company (HFC) registered with the National Housing Bank (NHB).
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.