Bajaj Auto has strong potential of an upside break: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on various stocks.

ET Now: What is the call on Bajaj Auto?

Mitesh Thacker: Bajaj Auto is a stock which I have been watching very closely because it is trading close to its highest ever weekly closings at about 1650-1660. That is the key breakout level. In the last few months, we have seen at least 3 important price moves end in this range of 1650-1660. So, I am waiting for a breakout. The pattern certainly suggests that there is a strong potential of an upside break. If that were to happen, this could be a strong breakout. It could lead to about 10% to 15% of a price appreciation very easily over a period of time.