The Bajaj Housing Finance Initial Public Offering (IPO) has started with an amazing start, remembering strong investor enthusiasm. By the end of the first day, the IPO, valued at ₹6,560 crore and priced between ₹66 and ₹70 per share, had already garnered subscriptions more than twice the available shares. As per the latest updates, attracted bids surpassing ₹10,000 crore as of the latest data.
Leading the charge were non-institutional investors, mainly High Net-Worth Individuals (HNIs), who snapped up shares at an unexpected rate, subscribing up to 4.5 times their allotment.
Meanwhile, Qualified Institutional Buyers (QIBs) and retail investors were behind, with their portions subscribed 1.1 times and 1.5 times, respectively.
Adding another layer of tension, the Grey Market Premium (GMP) hints at a vibrant debut, with off-market trades reflecting a premium that could soar as high as 90 percent. As Bajaj Housing Finance readies itself for a listing expected early next week, the spotlight is also shifting towards other famous competitors in the housing finance sector.
ALSO READ: Bajaj Housing Finance IPO Launches Today: A High-Stakes Play in India’s Housing Finance Sector
Among them, PNB Housing Finance and Repco Home Finance stand out on the technical charts, each showing signs of good gains, potentially capturing the market’s gaze with their upward momentum.
The stage is set for a single standout performance and a broader play in the housing finance landscape, where opportunities and optimism are rising.
PNB Housing Finance
- Current Price: ₹1,069
- Potential Upside: 11.3%
- Support Levels: ₹1,020; ₹1,010
- Resistance Levels: ₹1,116; ₹1,152
PNB Housing Finance has been riding a great wave, charting a strong upward trajectory over the past eight weeks. In this short span, the stock has surged an impressive 38.5%, climbing from ₹780 to its current elevated position.
The momentum does not stop there; the long-term charts whisper bullish signals, suggesting that as long as the stock stays above its key support range of ₹1,010 to ₹1,020, the upward trend could very well continue.
Repco Home Finance
- Current Price: ₹547
- Potential Upside: 14.3%
- Support Level: ₹517
- Resistance Level: ₹573
Repco Home Finance has recently broken through an important barrier on the daily charts, decisively trading above its super trend line resistance.
This breakout signals a shift in momentum, with the stock also reclaiming its 20-week Moving Average (WMA) support on the weekly charts, a bullish sign that underscores the strengthening trend. In the near term, the outlook for Repco Home Finance is promising, provided it maintains its stance above the crucial ₹517 support level.
Should this level hold firm, the stock is on a trajectory that could climb towards ₹625, with interim resistance points likely at ₹573, a potential roadmap for investors tracking these levels closely.
Both PNB Housing Finance and Repco Home Finance are currently showing strong technical indicators, reflecting a broader positive sentiment towards housing finance stocks in the market. This sector is drawing increased investor interest, suggesting a fertile ground for potential growth opportunities.
With their different bullish setups, these stocks are not just riding the wave of favourable market conditions; they are balanced to capitalize on it, offering significant gains for those ready to hold the moment.
In summary, the Bajaj Housing Finance IPO’s debut acts as a testament to the burgeoning interest in the housing finance sector. With stocks like PNB Housing Finance and Repco Home Finance lighting up the technical charts with strong bullish signals, they are set for considerable upside.
For investors, these stocks represent more than just potential trades; they are windows into a sector on the rise, offering a chance to tap into the momentum and harness substantial growth prospects shortly.
