Bajaj Housing price rose sharply for the second session in a row, closing Wednesday’s trading session at Rs 129.75 with 4.47% in daily gains. The stock has gained 12.5% in the last month, and recently turned positive year-to-date. This underlines a bullish control that will likely provide support for near-term gains.
The company started trading publicly in mid-September 2024,and its current share price is a +85% above its IPO price of Rs 70. Such a substantial gain in just seven months is difficult to ignore, especially considering the bearish sentiment in equities markets in the last two quarters.
Bajaj Housing Finance (BSE: BAJAJHFL) reported a 26% jump to Rs 115,126 crore in its Assets Under Management for the quarter ended March. In addition, its loan book grew to Rs 99,500 from Rs 79,301 in the corresponding quarter in 2024. These figures present a strong foundation that will help it stay on the upward trajectory in the coming weeks.
Also, Bajaj Housing share price is driven by heightened investor interest in its newly unlocked shares. The one-year shareholder lock-in period ended this week, unlocking 5,291 million shares (equivalent to 64% of shares) into the market. That could inject fresh volatility into the stock and help push it towards its all-time high price of Rs 188.
Bajaj Housing Share Price
Bajaj Housing share price pivot mark is at Rs 126 and the momentum favours the upside to continue. The stock will likely meet initial resistance at Rs 130. However, an extended control by the buyers will break above that level, and will likely see BAJHFL price rise further to test Rs 133.
Alternatively, the momentum could shift to the downside if the price breaks below Rs 126. That will likely see the first support established at Rs 121. The upside narrative will be invalid if the price breaks below that level. Also, the downward action could go lower and test Rs118 if the sellers extend their control.
The post Bajaj Housing Share Price Shoots Up, Signals Extended Gains Past Rs 130 appeared first in UK on InvestingCube.