Aggressive investors could use any tight area breakout inside the base as an opportunity to initiate a small position. A conservative approach may be to add the stock to your watchlist so that you are ready to pounce if it breaks out to the traditional entry point.
Bajaj Electricals has been a roaring outperformer as compared to the broader market. It has a top-notch Relative Strength Rating of 92. In the last twelve months, the stock has soared over 200.9% as compared to 56.2% for the Nifty500.
The Relative Strength Line of the stock is offering a lot of encouragement to investors. It has been making good progress in the recent weeks. The overall long term trend of the line is also trending upward.
The key trend lines, 10 and 40-week moving averages are at a comfortable position. The current trends of both the averages are upward and the 10-week moving average is trending above the 40-week moving average. The current price of the stock is trading around 5.3% away from the 10-week moving average.
Another key part of the jigsaw is institutional sponsorship. Bajaj Electricals has an Accumulation/Distribution Rating of 'A+'. This represents heavy institutional buying over the past 13 weeks. The number of institutional sponsors and shares held by the sponsors, both increased in the last reported quarter.
The stock belongs to the industry group of Hsehold-Appliances/Wares. You would still want to see some improvement in the industry group rank for the group. The current industry group rank is 61. The current price of Bajaj Electricals is -6% off from its 52-week high price and 237% above its 52-week low price.The stock appears on our idea lists: Trend Template - 5 Months.