Bajaj Finance - A flat Kijun Indicates resistance

trades at Rs 1,061 and the Ichimoku reading splits cleanly between timeframes. Price holds above the cloud, which spans Rs 967 to Rs 1,031, and the Chikou span sits above the price action of 26 sessions ago, so the longer trend is intact. The 50 EMA has risen about 2.8% over the last 20 sessions, supporting that. The near term is a different picture. Price sits below the Tenkan at Rs 1,071 and, more importantly, well below the Kijun at Rs 1,106, a gap of over 4%. The Kijun is the midpoint of the last 26 sessions, and when it sits flat and above price it functions as a ceiling rather than a trend line. That is the single most useful observation on this chart, because it explains why rallies have stalled without the larger structure breaking. Price has been below it for the past month, giving back about 1.6%, and RSI at 46 confirms the lack of thrust. The business remains strong. Q1 FY27 profit rose roughly 28% with return on equity above 20%, net profit crossing Rs 60 bn, and management has sounded constructive on FY27 credit costs. For a lender the two things that matter are AUM growth and credit cost, because a growing book can hide deteriorating quality for several quarters. Credit cost normalising is what would justify a rerating; any upturn in it is the main risk, alongside competition compressing spreads. The stock is up about 15.5% over 60 sessions and around 10% below its 60 day high of Rs 1,176.