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The stock saw an intraday jump of 3-4% after reports that it might be included in the Nifty Next 50 index. If included, an estimated $9 million investment could flow into the stock.
The stock has corrected 40-45% from its post-IPO highs. Concerns exist due to high valuations, with some brokerages giving downside targets as low as ₹90. Despite this, recent buying interest and strong delivery volumes (63%) indicate potential bottom formation.
Trading volume: 1.02 crore shares with a turnover of ₹119 crores. Higher volume is required for a sustainable rally (around ₹1000-1500 crores).
Despite a broader market correction, the stock showed resilience. RSI at 50 suggests a neutral momentum. Market cap: ₹9000 crores, Book value: ₹22.
Analysts highlighted stocks like Bajaj Housing, Ola, Tata Motors, L&T, ICICI Bank, Kotak, and Bajaj Finance. Akshay Bhagwat, Vice President of Derivatives Research at JM Financials, mentioned that Bajaj Housing has been weak since its listing, facing selling pressure and trading in an oversold zone.
Despite the cautious stance from analysts, a late surge was observed, possibly due to expectations regarding RBI's monetary policy. Market participants anticipate a rate cut, which could significantly impact the housing finance sector.
The recent uptrend appears driven by market speculation around RBI's policy decision. Investors should remain cautious, monitor announcements, and evaluate their portfolios accordingly.
