Bajaj Finserv Share Price Jumps 2.6 Percent; Stock in Bullish Breakout with Target Price at Rs 1,972
Bajaj Finserv share price was trading 2.7 percent higher on Tuesday. The stock has given a bullish breakout and with broader market sentiment positive, we can expect momentum to continue in Bajaj Finserv. The stock touched intraday high at Rs 1954 by the time of publication of this report. The stock has offered 3.4 percent returns over last one month but has remained largely flat over the last six months. TopNews Team has reviewed technical levels for Bajaj Finserv for traders and short term investors.
Overview: Bajaj Finserv Stock Snapshot
Bajaj Finserv (NSE: BAJAJFINSV) remains one of India’s most watched financial stocks, with a market capitalization of Rs. 3.10 lakh crore. As of the latest trading session:
| Metric | Value |
|---|---|
| Open | Rs. 1,905.00 |
| High | Rs. 1,954.40 |
| Low | Rs. 1,894.90 |
| 52-Week High | Rs. 2,029.90 |
| 52-Week Low | Rs. 1,419.05 |
| P/E Ratio | 36.50 |
| Dividend Yield | 0.051% |
The stock is currently trading just below its yearly high, signaling strong upward momentum but also caution for short-term investors.
Fibonacci Retracement Levels: Watch These Zones
Using the 52-week high of Rs. 2,029.90 and low of Rs. 1,419.05, we derive the following key Fibonacci levels:
| Level | Price (Rs.) |
|---|---|
| 23.6% | Rs. 1,885.74 |
| 38.2% | Rs. 1,796.56 |
| 50.0% | Rs. 1,724.47 |
| 61.8% | Rs. 1,652.39 |
| 78.6% | Rs. 1,549.77 |
The stock is hovering near the 23.6% retracement level, a crucial resistance that traders should monitor. A sustained move above this may lead to a retest of the 52-week high, while a failure to breach could trigger a pullback toward Rs. 1,796 or lower.
Candlestick Patterns: Caution in the Short Term
Recent daily candlestick formations indicate a mix of upper wicks and indecision candles near resistance zones, suggesting selling pressure. There have been no clear bullish engulfing or breakout patterns recently.
A spinning top near resistance indicates potential exhaustion of the bullish trend in the short run. If volume diminishes while price tests Rs. 1,950+, traders should remain cautious of a near-term reversal.
Support and Resistance Zones
Key support and resistance levels derived from historical volume clusters and price action:
- Immediate Resistance: Rs. 1,955 – 2,030
- Primary Support: Rs. 1,885
- Secondary Support: Rs. 1,796
A break below Rs. 1,885 could trigger a correction toward Rs. 1,800–1,750 range, aligning with Fibonacci levels.
Valuation and Analyst View
With a P/E ratio of 36.50, Bajaj Finserv trades at a premium compared to some peers, yet it remains justified due to its robust presence in lending, insurance, and asset management.
As of now, no new analyst ratings within the last 3 months have been published. However, previous consensus from firms like Motilal Oswal and ICICI Securities had projected targets in the range of Rs. 2,150–2,200, contingent on earnings momentum and macro recovery.
Investment Strategy and Outlook
For long-term investors, Bajaj Finserv remains a fundamentally strong bet given its diversified exposure and dominant position in financial services. However:
Short-term traders should monitor Rs. 1,885 closely as a support pivot.
Long-term investors may consider staggered entries if the stock pulls back toward Rs. 1,750 levels.
A breakout above Rs. 2,030 with strong volume could signal renewed bullish momentum.
