Bajaj Auto share price recovers 24% from April lows. Is the rally sustainable?
Bajaj Auto share price in focus: Shares of Bajaj Auto, one of the leading two-wheeler manufacturers, resumed their winning streak on Wednesday, May 21, gaining 2.5% to hit the day’s high of ₹8,765 apiece. This came after a brief pause in the previous session due to a sudden market crash.
Since May 8, the shares have strengthened 13.5%. However, analysts see limited upside in the stock amid a lack of volume. Anshul Jain, Head of Research at Lakshmishree Investments, said that Bajaj Auto has formed a bearish reversal structure on the daily chart, coinciding with the auto index correcting from its swing high.
“The stock’s recent rally lacked volume strength, and the ongoing reversal is also occurring on lower volumes, indicating weak…
