Technical Call: Bajaj Finserv – BUY

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Long-term investors with a minimum time frame of one year can buy the shares of Bajaj Finserv (₹1,917) now. The stock has been in a strong uptrend since May 2020. After making a high of ₹1,932 in October 2021, the share price started to fall and ran into a correction phase for more than two years. This correction has happened in the form of a wedge pattern on the chart. The decisive breakout above ₹1,660 in August marked the end of this correction. The strong follow-through rise since then confirms that the broader uptrend has resumed. Cluster of supports are there in the ₹1,700-1,550 region. The stock has potential to target ₹2,400-2,500 first. After that another leg of correction towards ₹2,200-2,100 is a possibility. But eventually the stock can break above ₹2,500. That break can take Bajaj Finserv share price up to ₹3,000. Long-term investors can buy now at ₹1,917. Accumulate on dips at ₹1,740. Keep the stop-loss at ₹1,520. Move the stop-loss up to ₹2,050 when the price goes up to ₹2,450. Revise the stop-loss further higher to ₹2,600 when the share price touches ₹2,850. Exit the stock at ₹3,000.