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Viewing report
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Alpha India Early Economic - Is BAJAJ AUTO a Great Sell?
Orpheus Capitals, Sep 2011, Pages: 5
Is BAJAJ AUTO a great sell? We have a few reasons to stick with BAJAJ AUTO as a best potential short.
1.Sector view: BSE AUTO remains topping near 80% rankings.
2. The stock remains a best performer on both the weekly (83%) and daily (98%) rankings (slide 1 and 2).
3. We looked at how BAJAJ AUTO is ranked among the CNX 500 assets and the result was 95%. This means that the stock is a best performer not only in our basic list of 100 Indian assets, but also in the extended list of 500 assets.
4. The stock price kept correcting up while most of the Indian stocks were correcting down. BAJAJ AUTO made a new intermediate high, while NIFTY witnessed the largest fall since 2008.
5. The Elliott structure, which suggests a completed (W)-(X)-(Y) correction up (slide 3).
6. The market bias remains negative with targets at 4,500-4,000 supports in the case of NIFTY.
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