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SWING IDEA - BALKRISHNA INDUSTRIESFor savvy traders seeking the next big opportunity, Balkrishna Industries is now in the spotlight with a breakout that demands attention. Reasons are stated below : After multiple tests, Balkrishna Industries has triumphantly closed above the key resistance level at 2675, signaling a decisive breakthrough. The stock has shattered a robust consolidation spanning over two years, suggesting a potential shift in the underlying market dynamics. A bullish hammer formation, engulfing the preceding candles, provides a strong visual cue of bullish momentum, enhancing the appeal of this breakout. Balkrishna Industries has not only breached but also taken out all previous highs, showcasing the strength of the current upward movement. The stock's ability to establish constant higher highs underlines a sustained bullish trend, offering traders confidence in the stock's positive trajectory. With the price trading above both the 50-day and 200-day EMAs, the technical landscape indicates that the trend is intact, adding another layer of confirmation to the breakout. Target - 3144 // 3361 StopLoss - weekly close below 2506 @visionary.growth.insights
NSE:BALKRISINDLong
by Visionary_Growth_Insights
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
NSE:BALKRISINDLong
by TradingSutra
1
Balkrishna Industries: A Potential Wyckoff Accumulation & SpringThis stock is an interesting case study for those interested in Wyckoff analysis. The price has been stuck in a range for a long while now. The recent sell off on high volume comes across as a potential Wyckoff Spring. The quick snapback into the trading range with higher volume today is a positive sign. Am watching this stock with interest and looking to take long trades if I see further strength going forward. What I want to see is ease of movement to the upside or sign of strength in Wyckoff parlance. Strong green candles with above average volume is what I am looking for. Let's see how this one shapes up.
NSE:BALKRISINDLong
by techtrail
1