Bajaj Auto gains 3% after Q2 profit jumps 35%

Bajaj Auto Limited shares rose 3.17% to Rs 10,390 after Q2 profit grew 35% to Rs 3,354 crore. Resistance is at Rs 10,500 and support at Rs 9,637. Bajaj Auto Limited [

] shares closed up 3.17% at Rs 10,390 on 27 October, amid its Q2 results. The stock opened at Rs 10,075.00, which was also its low, and closed at the day’s high. Net profit jumped 35% to Rs 3,354 crore, and revenue rose 34%. Profit and revenue grew at a similar pace, which suggests margins held steady. The update gives no year-ago figures, margin or volume data, so the quality of the growth cannot be judged. On the daily chart, the stock is recovering after a fall from its September peak near Rs 12,500. It is now close to the Rs 10,500 immediate resistance. A breakout above it could add momentum, and two consecutive closes above it would show positive sentiment, though a breakout can fail. In my view, the stock is attempting a recovery, and the Rs 10,500 level is the one to watch. A fall below the Rs 9,637 support would put lower levels in view and weaken the recovery. Neutral stance while price trades between Rs 9,637 and Rs 10,500. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.