Balkrishna Ind Ltd - BearishStock currently in downtrend
Making constant LLs - LHs
3030-50 strong supply area
View changes if close above 3050
Downside 2800 possible
Balkrishnaindustries
Balkrishna - Coming near support areaLike other stocks even this one is approaching near strongest support area
1st Area of support 2800-2830
2nd Area of support 2770-2790
Best to wait and see where it takes the halt
Also to wait for a buy candle of to make HH Hls
Targets can be around 3000/3080
Balkrishna - Sideways to BullishStock in a small downtrend for last few days
Arriving at a strong support area of 2990-3010
May try to pause and turn back from this level
As it is also a Gap Up support area as well as Resistance turned Support area
Will be good to add on the said levels with a strong Sl below 2960
Balkrishna Industries Long way to goAmong the tyres, I always love Balkrishna Industries. I held it during 2018 and for few years later.. One of the fine exporters of tyres with large no:of SKUs. Look at the quarterly chart. Price is at the bottom of the channel. Breakout retested. Higher low has formed. Looking good for long term.
Disclaimer: No recommendation.
Balkrishna Industries has successfully broken out. Buy Buy BuyBalkrishna industries has successfully broken out from a downward slopping trendline, indicating a significant shift in it's price trajectory. This breakout is supported by a remarkable surge in trading volume, further strengthening the bullish sentiment. MACD crossover also taken place in chart. RSI Also supporting bullish crossover. So indicator and price action showing a bullish moments in this ticker. We can see a sharpe rally for upside from here in this ticker, which can take this to 2700+ levels. Please always trade with stop loss.
Well this stock is very good to make wealth in long term So if anyone wants to invest in this can invest and hold for long term also, Management is also good.
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Balkrishna Industries: Bullish TriangleUsually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept at the point of completion of wave-e (conservative approach) or to the breakout level of wave-d to get the target of this pattern (aggressive approach).
INVESTMENT STRATEGY:
Buy on CMP 2445 , keeping SL of 2150 look for the measured target of 2900/2950 in the coming months
