On the daily charts, Bajaj Hindusthan has given a close well below its critical support levels of Rs112 for a second session in a row. Moreover, the stock has broken below its short-term moving average.
We expect the weakness to continue in the near term with daily RSI also showing a downward trend.
Movement of the momentum indicators denote that the stock could trudge lower over the near term. Any fall from these levels could drag the stock lower towards Rs100 and below.
We recommend SELL on the stock between Rs105-108 with stop loss of Rs112 for an initial target of Rs99.