NSE: BALKRISIND is closing with a bullish consolidation candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 13% gain on...
Usually 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...
Results are good, Weekly bullish engulfing candle. So i go for long in this stock. If you want to stop out your loss , below 1700 closing in weekly candle you may come out .
Long Balakrishna at the BO candle. All important levels are marked on the charts. Good Entry point With risk-to-reward trade. This is for your educational purpose only.
Idea: Given the current market conditions one can initiate short in Balkris ind. For the current expiry one can buy 2100 PE at Rs 20-22 with target of 50 and SL of Rs 7.
Once 2050 is broken decisively (earlier demand zone) target 1 and target 2 would be possible in Sep series.
Basis: It has broken the trend line on the lower side and given the bearish conditions...
Stock Name - Balkrishna Industries Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at current price
and more bullishness AFTER crossing 2450.
#This is not Buy and Sell recommendation to any one. This is for...
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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Trade Carefully!
📈 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...
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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BALKRISIND good and leading tier company
completed its 78 retreatment
Careful because of result
if reversal then ride at trailing SL
2275-2349-2389 for trading or swing
For Long term hold with SL of weekly candle
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.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
