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Gladiator Stocks - Bajaj Finserv - ICICI Direct

Posted On: 2021-01-27 09:00:45 (Time Zone: Arizona, USA)


Buy Bajaj Finserv in the range of Rs. 9100.00-9300.00 for target price of Rs. 10400.00 with a stop loss of Rs. 8590.00. Time Frame: Six months

Technical View

- The Nifty Financial Services index has taken a breather after November- January sharp up move. We remain constructive on Bajaj Finserv as it has relatively outperformed the BFSI space

- The consolidation in a Rs. 9450-8500 range after the November- December sharp rally (Rs. 9450-5511) has taken shape of a Flag formation. Breakout from Flag formation signifies continuation of primary up trend. We expect the index to resolve out of ongoing consolidation. Hence, it offers a fresh entry opportunity

- Structurally, the elongated up trend followed by shallow price retracement highlights robust price structure as buying demand observed at elevated support base augurs well for the next leg of up move

- In a nutshell, we expect the stock to log a resolute breakout from Flag formation and gradually head towards Rs. 10400 in coming months as it is the implied target of ongoing consolidation (Rs. 9450-8500), at Rs. 10400

Fundamental View

- Bajaj Finserv, is a financial conglomerate under the flagship Bajaj brand and has witnessed a sharp surge in earnings in all three key business segments viz. Bajaj finance, life insurance (BALIC) and general insurance (BAGIC). Backed by the strong brand, in general insurance, it is the most profitable and efficient player among competitors. Bajaj Finance, the listed subsidiary, offers various consumer finance products to customers like auto loans, personal loans, loans for consumer durables & computers and SME finance. Life insurance business has been on gradual uptick with increase in market share.

- Bajaj Finserv has reported a steady performance wherein the insurance business witnessed a pick-up in business activities led by pandemic. Improved awareness, digitisation and product innovation is expected to keep insurance business momentum healthy. A gradual pick-up in CV volume along with higher sale of PV and two-wheeler is seen reviving non crop premium growth ahead. Health business remains another contributor to general insurance premium ahead.

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Shares of BAJAJ FINSERV LTD. was last trading in BSE at Rs.9126.45 as compared to the previous close of Rs. 9206.9. The total number of shares traded during the day was 25976 in over 7032 trades.

The stock hit an intraday high of Rs. 9284.75 and intraday low of 9039.25. The net turnover during the day was Rs. 238148907.

Source: Equity Bulls

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