Company News

BUZZ-India's Bajaj Auto hits over 5-1/2-month high; chart suggests more upside

** Shares of Bajaj Auto Ltd rise as much as 2.86 pct to 2,941 rupees, highest since Sept 10, 2018

** Stock breaks above a resistance at 2,874.02 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from April 30, 2015 low to Feb 2, 2018 high

** Breakout suggests in the near term stock may rise up to the next resistance at 3,101.17 rupees

** Trend Intensity (TI) indicator rises to 22, suggests prices are trending upwards; MACD is positive and above its signal line

** In the last 30 days, analysts raised their profit estimates for the January-March quarter by 29.4 pct, making it the only Indian automaker to receive the upgrade, Refinitiv data shows

** However, the mean of profit forecasts for the sector was trimmed by about 85 pct, led by a 256 pct downgrade for Tata Motors

** Bajaj Auto’s stock up 5.12 pct this year, while the broader NSE Index down 0.25 pct (Reporting by Gaurav Dogra)