Bajaj Auto - Profit Booking

Bajaj looks like it is entering into a period of consolidation and there is some profit booking in this counter.

• The OBV chart is giving the first indicator for this. The stock is seeing some active selling with more sellers in this market.
• The stock is nearing its complete reversal from the huge fall in May
• RSI has reached its limits and there is a general correction on this stock when it reaches that level

The stock at this level is offering little incentive for the risk for a higher upside. With a first correction expected at its 100% level, which is just another Rs. 100 away from its high of 3227 from its current level of 3104, I would like to book my profits in this counter.