Balkrishna Industries has given a trendline breakout, volume is also good.
RSI is almost at 70 which is a positive sign.
CMP - 2349
T1 - 2500
T2 - 2700
Keep 1:1 SL @ 2200
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Area of High Confluence - (2150-2200)
Fibb 61.8 % retracement area
If sustains for long can give an upmove back to 2350 area
If breaks and sustains can head south upto 1900 area
📈 Balkrishna Ind. 📉
My Findings :-
1. Breakout from a swing high and Resistance Zone.
2. Close above March high.
3. Higher High and Higher Low formation.
4. Auto Sector is in Uptrend.
Bias- Long
Target- 2397, 2516 and 2692
SL- 39450
RR- 1: 2.5
All Important Supports and Resistances are drawn in chart.
All levels are of Spot and on closing basis.
Disclaimer...
Swing trade, Breakout stock, Banknifty Intraday Outlook also posted here.
Disclaimer - Trades are only for Learning.
StopLoss is only in our hand. So, Always use it. StopLoss hit exit. Again you will got fresh trade.
The Share of Balkrisind is good fundamental company the share in the strong bull control you can aad this share in your watchlist, i am strong bullish on the chart. #investingclubs
Only take position on above 1:5 RR ratio
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Current Price : 1822
Take position at : breakout the triangle setup 1875
Max Target 40% ROI
Stop loss according your Psychology
RRR 1:6
Time period : 1 year
Important Investment levels and trend line marked.
Fundamentally very good stock. Keep accumulating...
Study based on purely technicals....
For clarity have marked on weekly charts.
Lets Revisit this chart every week...
Will update more info as the movement happens in comment section..
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The stock was going up following a trend line and now at the verge of breaking the downside, looks good to sell if sustains below 2455 for the marked targets on chart until 2540 is intact on the upside.
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Happy Trading!
InvestPro India Team
NSE:BALKRISIND
Hello all
Balkrishna industries has been traveling in a channel since March 2020. It came back to its lower trendline, took support, and took off. It broke the trendline 1 and its nearest resistance as well. All this makes it a good opportunity to go long!
Besides these points, there are a few more that strengthens my conviction to go...
Why this Trade..??
1. Bearish Gartley Pattern
Buy or Sell based on the Support Break with Volume
Disclaimer:This view is purely for educational purpose and it's my personal.Please consult your financial advisor before attempting any trade.We're not responsible for any loss or profits.
Oh my god how i missed this......it's a clear cut buy zone from today level it can reach upto 12% on a higher side.Just analyse and get into the stock.
Date: 09 Nov 2021
Balkrishna Industries (CMP: 2496.95)
Competitor of MRF. Company is going to declare results on 11 Nov as per filing with exchanges (2 days from now). Stock is making triangle pattern with perfect setup on RSI. Breakout will above 2550.
If they post good result then stock will go upto 3,000 (T1: 2700, T2: 2850, T3: 3000). One can dare to take...
