Balrampur Chini Mills Ltd. is in an uptrend since July 2018. The counter has seen today (8th April 2021) the price pattern known as an Up-Flag. Please observe that the counter was in a consolidation for last one month. The consolidation formed the cloth of the flag. This consolidation was preceded by a rally forming pole of the flag. The consolidation got an upward breakout today and closed at Rs.235.50. This breakout has a good volume support. I anticipate the first price target of Rs.270 and suggest the stop loss at Rs.223 to be followed for the first 4 daily candles starting from 9th April 2021. Thereafter, the profit booking/ exit decision should be initiated on downward crossover of 26 EMA by 5 EMA.
NOTE: This is an attempt to predict the future price movement. The investment decision shall be on the sole risk of the investor.
NOTE: This is an attempt to predict the future price movement. The investment decision shall be on the sole risk of the investor.