Weekly Picks 30th Jan 2023

Bajaj Auto LTP 3937

Counter	Bajaj Auto LTP 3937
Call	Buy on dip
Target 1	4120
Target 2	4220
Stop Loss	3650
Time Horizon	2-3 Weeks
Notes	Buy on dip towards 3850 & 3750

With more than 18 million motorcycles sold in over 70 countries, the Bajaj brand is truly ‘The World’s Favourite Indian’. It is India’s No.1 motorcycle exporter, with two out of three bikes sold internationally carrying a Bajaj badge. The company is also the world’s largest manufacturer of three-wheelers. It is the first two-wheeler and three-wheeler company in the world to have reached a market capitalisation of INR one trillion and continues to be the world’s most valuable two and three-wheeler company.

Previous Close	3717.4	TTM EPS	207.86
52 Week High	4131.7	TTM PE	18.94
52 Week Low	3125.0	P/B	3.82
Sector PE	25.43	Mkt Cap (Rs. Cr.)	1,11,393

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The counter gave weekly four-month closing highs above 3900 levels.
• Technically, the counter has immediate price supports at around 3850 & significant 3650 levels holding above which the bias can be “Buy on the dip”.
• On the higher end, around 4200 is “major positional” resistance which, once taken off, the counter can target much higher levels in months to come.
• The positive positional bias remains “valid” above 3500 levels for the initial 4200 levels, followed by the subsequent 4600/ 4900 levels in the best case.

Open Interest Study

(Source: Fisdom research)

• Open interest for Feb-23 has maximum PE build-up at around 3700, followed by 3900 levels.
• Dip towards 3900 to 3700 can witness fresh buying interest for higher levels.
• On the higher-end maximum CE build-up is witnessed at around 4000 levels, which Indicates immediate resistance holding above which fresh buying cum short-covering can be expected.
• Overall, OI Indicates support at lower levels & needs to hold above 4000 levels for fresh buying interest.

F&O Strategy

Action	Scrip	QTY	IP	LTP
BUY	23 Feb BAJAJ-AUTO 3900 CE	250	134	134
SELL	23 Feb BAJAJ-AUTO 4200 CE	500	26	26

Strategy	Bull ratio spread
Scrip	Bajaj Auto LTP 3937
Risk	Moderate
Ratio	1:2
Bias	Range to pull back

Invest Now

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TCS LTP 3411

Counter	TCS LTP 3411
Call	Buy on dip
Target 1	3500
Target 2	3600
Stop Loss	3250
Time Horizon	2-3 Weeks
Notes	Buy on dip towards 3380 & 3300

Tata Consultancy Services is an IT services, consulting, and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. A part of the Tata group, India’s largest multinational business group, TCS has over 592,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022.

Previous Close	3429.7	TTM EPS	111.18
52 Week High	4043.0	TTM PE	30.68
52 Week Low	2926.1	P/B	13.89
Sector PE	30.34	Mkt Cap (Rs. Cr.)	12,48,120

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• TCS has immediate crucial support at around 3300 & major 3200 levels holding above which “short & mid-time” timeframe remains “positive”.
• While on the higher-end, 3500 is the major “silver-line” between “bulls & bears” for the next few weeks to months.
• Holding above 3500 levels, the counter can witness fresh buying interest for higher 3760-3800 significant levels.

Open Interest

(Source: Fisdom research)

• As per FEB OI, TCS has maximum CE Build-Up at around 3500 levels indicating stiff first resistance for the current series.
• While on lower-end TCS Feb 3400 PE has maximum OI build-up indicating crucial support levels holding above which bias is “range to positive”.

F&O Strategy

Action	Scrip	QTY	IP	LTP
BUY	23-FEB TCS 3400 CE	250	79	79
SELL	23-FEB TCS 3600 CE	500	13	13

Strategy	Bull ratio spread
Scrip	TCS LTP 3411
Risk	Moderate
Ratio	1:2
Bias	Range to pull back

Invest Now

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