Bajaj Auto share price slumps over 3%, touches 52-week low; here’s what technical analyst says
Bearish Sentiment prevails; When will Bajaj Auto share price bounce back?
Bajaj Auto’s share price has been on a downward trajectory for the seventh consecutive trading session, plummeting over 3% to touch its 52-week low of 7,475.70 on Tuesday. This significant decline is mirrored by a 13% slump in the company’s share price over the past week. As the market continues to grapple with the current state of affairs, it’s natural to wonder: what’s driving this bearish sentiment, and more importantly, when can investors expect a turnaround?
Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, shares his insights
"It’s clear that auto remains under significant pressure," says Rajesh Bhosale, "Any potential bounces are being sold into, and the momentum oscillators are oversold. Unfortunately, there are no signs of a bullish reversal, and we need to wait for a base formation or a bullish candle to enter the market." According to Bhosale, technical analysis suggests that 7,050 will be the next level of support for Bajaj Auto’s share price, with 8,000 serving as major resistance.
Bajaj Auto’s Domestic and Export Sales Performance: A Breakdown
Recent sales figures for February provide a glimpse into the company’s performance. In terms of domestic 2-wheeler sales, Bajaj Auto reported a 14% decline, selling 1.46 lakh units compared to 1.71 lakh units in the corresponding period last fiscal. On the other hand, the company’s 2-wheeler exports experienced a 23% increase, with 1.53 lakh units being sold during the month.
Commercial vehicles continue to fluctuate, with a 3% rise in domestic sales and a 2% decline in exports. As a result, Bajaj Auto’s total domestic sales decreased by 11% to 1.83 lakh units, while its total exports rose by 21% to 1.69 lakh units.
Will Bajaj Auto’s share price recover in the near future?
While the current market dynamics appear bleak, investors may be wondering when Bajaj Auto’s share price will rebound. According to technical analysts, it’s crucial to wait for a base formation or a bullish candle to enter the market. "We need to see a consolidation period for the stock to build a strong base, which will follow a sustainable rally," says Rajesh Bhosale. As the market continues to navigate through this challenging period, one thing is certain – keeping a watchful eye on technical analysis and sales data will be crucial in predicting the future performance of Bajaj Auto’s share price.
Conclusion
Bajaj Auto’s share price has been experiencing a downward trend, with no signs of a reversal on the horizon. As investors await a turnaround, it’s essential to remain informed about the company’s performance and listen to expert insights, such as those from Rajesh Bhosale. Whether you’re a seasoned investor or a new entrant, it’s crucial to keep a close eye on the market and adjust your strategy accordingly. Will Bajaj Auto’s share price recover in the near future? Only time will tell, but, as the old adage goes, "the show must go on." And for Bajaj Auto, it’s essential to continue drumming up innovative products and services to regain investor confidence and boost its share price.
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Additional Resources:
- Bajaj Auto news and updates
- Rajesh Bhosale’s insights on Angel One’s website
- Bose’s latest reports on Bajaj Auto
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