When a stock keeps making new highs - and then pulls back - takes support at right areas - we call the stock in steady uptrend.
Here's Bajaj Corp stock weekly chart
As you can see in the weekly chart above - Bajaj Corp stock has been moving up steadily with strong support around 110 week moving average. The stock after making highs around 500 has once again pulled back to the moving average support and there is expectation that stock will hold levels around 360-380 for weeks before resuming uptrend again.
Bajaj Corp is one of the leading FMCG companies in India with major brands like Bajaj Almond Drops, Bajaj Brahmi Amla, and Bajaj Kailash Parbat. It's also making its presence felt in skin care with Bajaj Nomarks brand. The company is in steady growth phase and it looks like fundamentals and technicals are completely in sync. It looks like a good stock to research for people who love slow and steady mover with solid dividend on the way.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers