Bajaj Finserv, Mphasis: Is it time to buy these stocks at current levels?

After a relentless correction, Bajaj Finserv has entered an oversold terrain. It has retraced over 61.8 per cent of the previous rally. At this juncture, the counter is hovering near the rising trend line support. Thus, we advise traders to go long near Rs 1340 with a stop loss of Rs 1300.

Even during the recent market fall in the marketsm MPHASIS has remained sideways, which reflects the relative strength in the counter. Recently the stock confirmed a fresh breakout above Rs 2080 and witnessed some consolidation therafter. The stock is poised for a fresh upside and is likely to retest its 200-DSMA placed near the Rs 2200 mark. We suggest traders go long in the counter near Rs 2,100 with a stop loss of Rs 2,040.


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(Mehul Kothari is AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).