Stock name: Bajaj Auto

Pattern: Gap filled

Time frame: Daily

Observation:

The stock has been more or less sideways for the last 6 months. Recently, it had done a gap up in January with big volumes and had consolidated after that for some time. However, today the stock is down ~5% and has filled the gap up completely, indicating exhausted bulls and strong bears.

You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Shares of Bajaj Auto sunk as much as 4.88% today, after a media report said the two-wheeler giant is expected to take upto 25% cut in motorcycle and three-wheeler production across its export-focused plants next month.

2) Shares of Paytm surged more than 3% to ₹655 apiece today as the stock is in focus for block deals news as well as reports of telecom tycoon Sunil Mittal seeking a stake in the Indian fintech firm. Reports suggest that China's Ant Group and Japan's SoftBank Group have discussed selling stake in Paytm, through a block deal.

3) Zoya, the luxury jewellery brand from the house of Titan, is looking to more than double its revenue as well as the store count over the next three years, from what it has done all through its 14-year history.