Shares of household appliances companies have seen a mixed trend during the current year, so far. Among individual stocks, shares of Bajaj Electricals and Orient Electric have beaten the overall segment with a surge of 100 per cent 50 per cent, respectively. On the other hand, Blue Star surged over 20 per cent before retracing, while stocks like Symphony Limited and Whirlpool have not delivered any significant return, so far.
Although the overall trend in the segment seems sideways, the ongoing consolidation in some stocks may lead to a breakout, technical charts show.
Bajaj Electricals Limited (BAJAJELEC)
Likely target: Rs 1,400 to Rs 1,500 (breakout above Rs 1,200)
Upside potential: 16% to 25%
The price action encountered a hurdle