Bharat Dynamics Ltd - Breakout Opportunity
Updated
Date: 7-Jun-2024
Rating: Buy - Positional Trade
LTP: Rs. 1,430.95
Targets: (1) Rs. 1,662 --> (2) Rs. 1,891 --> (3) Rs. 2,261
SL: Rs. 1,293 on daily close basis
Technical View:
•
BDL is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 1,662.95 on 3-Jun-2024, it has retraced 22% to 1,293.20 level and taken support at 20 DMA.
• On 7-Jun-2024,BDL has broke out from its secondary down trend with high volume.
• Prices are trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 59.84 and MACD is trading at 114.27.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 1,430.95
Targets: (1) Rs. 1,662 --> (2) Rs. 1,891 --> (3) Rs. 2,261
SL: Rs. 1,293 on daily close basis
Technical View:
•
BDL is in its primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 1,662.95 on 3-Jun-2024, it has retraced 22% to 1,293.20 level and taken support at 20 DMA.
• On 7-Jun-2024,
BDL has broke out from its secondary down trend with high volume.• Prices are trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 59.84 and MACD is trading at 114.27.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Note
3-Jul-2024-------------
LTP: Rs. 1,633.80
1st target of 1,662 reached. 14% up from suggested level.
Trade closed: target reached
09-Jul-2024---------------
Exit Price: Rs. 1,666
16% up from suggested level.
Broke the secondary uptrend line as well as previous high. CLOSING THE IDEA.
Disclaimer
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