BAJAJHIND intraday stock forecast for tomorrow

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Bajaj Hindusthan Sugar Limited

Symbol: NSE: BAJAJHIND

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₹42.88
52W Low: ₹11.45 52W High: ₹44.95
1D Return: -2.70%
1W Return: 4.53%
1M Return: 17.61%

Last Close: ₹42.88

Last Update: 2024-07-12

BAJAJHIND Today’s Performance

BAJAJHIND opened today at ₹44.3 and marked a high of ₹44.67. The low price was ₹42.71 and the stock finally closed at ₹42.88. This data is crucial to forecast BAJAJHIND’s targets for tomorrow’s day trading session. Learn more

Today, shares of Bajaj Hindusthan Sugar Limited closed below previous closing, which is evident from the formation of Lower Low. In the coming days, the stock may continue to fall, suggesting a bearish forecast.

Strength Matrix graph shows how BAJAJHIND might perform tomorrow by highlighting its price strength, momentum, volatility, and trend direction. Tracking these short-term trends daily can help better understand changes in the market.

Strength Matrix

Technical overview of how the stock may perform in the upcoming session.

Technical Strength and weaknesses

Understanding strengths and weaknesses in technical indicators is important as these points will help to decide whether or not to trade BAJAJHIND tomorrow.

Strengths

  • RSI suggests a strong market condition, which might indicate sustained buyer interest and potential for further gains.
  • The price is significantly above the SMA, indicating strong bullish momentum and a likely continuation of the uptrend, supported by consistent trading above the SMA and a positive slope.
  • ADX indicates likely strong upward momentum tomorrow.
  • SAR points to slight bullish signals, with potential for mild upward movement.
  • SAR signals a potential bullish reversal, possible upward movement.

Potential Weaknessess

There is no weakness in technicals.

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Daily prediction for the week

Day Target Value
Monday ₹44.13
Tuesday ₹44.63
Wednesday ₹45.38
Thursday ₹46.13
Friday ₹46.59

Possible short term targets for BAJAJHIND in coming days if the stock remains bullish through the week.

  • The initial target value for BAJAJHIND on Monday is projected to be ₹44.13.
  • With favorable market conditions, the target value on Wednesday could reach ₹45.38.
  • By the end of the week, the target value for BAJAJHIND on Friday is expected to potentially reach ₹46.59, considering bullish market trends.

Tomorrow's price forecast review for BAJAJHIND

Tomorrow's Price prediction review image for BAJAJHIND

Opening above mean value ₹43.42, will indicate bullish sentiment in Bajaj Hindusthan Sugar Limited. Any dip in price should be considered as an opportunity to Buy the stock. The maximum price that BAJAJHIND can reach tomorrow will be 44.13 if the sentiments remains bullish. Reversal may happen if the price moves too far away from its mean.

If the price action is weak in the morning, then (symbol) may break below its mean. In such a case, keep the first target at 42.17 as minimum, and ₹40.21 as maximum.

Mean value also acts as Support when price is above and Resistance when price is below it. Day Traders can use this point to make long or short entries.

BAJAJHIND’s Tomorrow's Forecast Based On Opening Price

1. Gap Up Opening

This section provides insights on how BAJAJHIND may perform if it opens with a gap up tomorrow. Typically, opening 0.50% above previous close is considered as a valid gap.

1.1 Opening Above Today's Close but Below Resistance (44.13)

Trade: Enter a SELL position when the stock reaches ₹44.13.

Target: Keep target price at ₹43.42.

Rationale: This strategy aims to capture the early morning pullback move towards the mean value.

When to Avoid:

  • Keep Stop Loss above 44.13 (5 min candle closing basis).
  • Avoid when risk to reward is not favorable.

1.2 Opening Above Resistance (44.13)

Trade: Initiate a BUY position when the first candle (5 min) closes above 44.13

Target: Aim for the first target of 45.38 later, trail up to 46.09.

Rationale: BAJAJHIND opening above Resistance (44.13) suggests a strong bullish sentiment. This way, traders can gain the advantage of a possible upmove.

When to Avoid:

  • Remember to keep SL below 44.13.
  • Do not trade this strategy if the stock is in a downtrend in the last 3 days.

2. Gap Down Opening

Opening below 0.3% of previous day close is considered as a gap down opening. Section below explains how BAJAJHIND may perform considering price action after gap down opening.

2.1 Opening Below Today's Close but Above Low Price

Trade: Place a BUY order at ₹42.17.

Target: Place an exit order at ₹43.42 making it an intraday target.

Rationale: If BAJAJHIND does not make a low below its previous low, the trend may still be higher highs on the daily timeframe. This presents us with a Buy opportunity once the price retraces downside near its support.

When to Avoid:

  • Place SL below support 42.17.
  • Do not trade this when close and low price are close to each other, or if the market is negative.

2.2Breaking Below Today's Low

Trade: Enter a SELL position in BAJAJHIND when it finds resistance near 43.42.

Target: Aim for a minimum 1:1 risk-reward and keep a target of 42.17. Accuracy is better if this happens after 10:15 AM.

Rationale: Breaking below previous day low signifies bearish pressure. In case the stock retraces upside, it may present traders with a good opportunity to open a new sell position to gain benefit from the bearishness in stock.

When to Avoid:

  • Exit if the stock closes above 43.42.
  • Avoid selling when it's trading near a major support area.

Additional Note: If the trend is bullish on a higher timeframe, it is suggested to enter a long position instead when the share price reaches 42.17.

3. Flat Opening

BAJAJHIND opening near previous day close price will be considered as a flat open. Below is detailed explanation of how stock may perform based on price action.

3.1) General Trend Overview

Since today was a bearish day in BAJAJHIND, this trend might continue tomorrow as well. However, flat opening suggests neutral sentiments or contunuation of previous day trend. So this section will consider both cases depending on how price action is in the early morning session.

3.2) Bearish Price Action

Action: If price action is weak and the stock is making lows, traders can consider creating a (Sell) entry once the mean value 43.42 is broken.

Target: Aim for a target up to the previous day's low of 42.71 and after achieving TP1, extend targets further up to 44.13.

Rationale: This strategy leverages the bearish trend continuation after an initial flat opening.

3.3) Bullish Price Action

Action: If BAJAJHIND starts the day on a bullish note, its targets will be 44.13 and 45.38.

Rationale: Using this intraday strategy, traders can capitalize on the bullish momentum.

When to Avoid:

  • Keep SL below 43.42 on a candle closing basis (exit when a 5-minute candle closes below pivot).
  • Avoid this trade if the previous day was in a downtrend.

BAJAJHIND's vs. Nifty's Performance

Above charts shows close price comparison of BAJAJHIND and Nifty 50 for past 7 days highligting how stocks performance compared to the flagship index.

Overview of Returns

Period BAJAJHIND's Returns Nifty's Returns
Daily -2.70% 0.77%
Weekly 4.53% 0.82%
Monthly 17.61% 5.06%

Today, BAJAJHIND returned -2.70% while the Nifty returned 0.77%.

Previous week, the stock returned 4.53% compared to 0.82% return of flagship index Nifty.

In the Last one month, shares of BAJAJHIND presented return of 17.61%, where as Nifty stands at 5.06% returns.

BAJAJHIND's Volatality Analysis

Chart above shows volatality and price comparison of BAJAJHIND's over last 3 months. Volatality often referred to as IV is imporatnt in intraday trading since it gives insights on where stop loss and profit booking levels can be. For stock with higher volatality, its suggested to place a bigger stop loss since price movements can be aggressive.

Range Analysis

S3
40.21
S2
41.46
S1
42.17
Pivot
43.42
R1
44.13
R2
45.38
R3
46.09
42.88
Based on the current close price of ₹42.88, the upcoming session is expected to be neutral/trend continuation.
Predicted share price range for tomorrow is: High ₹44.49 and Low ₹41.27.

Should you hold BAJAJHIND tomorrow?

Recommendation: Sell (Last Close Below Weekly Pivot)

Weekly Pivot Analysis

Last Close: ₹42.88

Weekly Pivot: ₹43.42

Status: The stock closed below the weekly pivot, indicating potential resistance and a negative outlook for tomorrow.

Why This Matters?

Pivot points are used to identify potential support and resistance levels. Stocks closing below the weekly pivot are considered to have a bearish sentiment, suggesting that the stock may decline, which is why a "Sell" recommendation is made.

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