BKT Near Supply ZoneBKT Near Supply Zone:-
If it will not able to sustain above 950 then long unwinding will be possible. Below 942 it may test 936-926.
BALKRISIND trade ideas
BALKRISIND short near 1010 with 10 points stop lossBALKRISIND short near 1010 with 10 points stop loss
Mild BearishAfter a strong uptrend, stock made the tweezer top pattern on a daily basis. High of both days is around 941.5. Second day, a spinning top candle was made with good volumes. CMP - 926. Psychological resistance - 900. If stock gaps up, wait for the zones of 938-942 to be tested and check the price volume movement. Below 926 (high risk), short can be initiated to the target of 912. Below 912, target can be set for 900 levels. Mild divergence in RSI can also be spotted. Broader trend of the market should be considered before taking a short trade.
balkrishindAnalysis:
Sell below 911.25
Targets are 888,872.8,866.15,856.9,850.75,838.55,812--
SL 932.7
Balkrishna Industries bounced from a good support levels.BALKRISKHNA INDS: The stock has took support at an important level and bounced back. The price action is strong – a bull sash pattern. Also noticed a bounce & support at the KS & TS line (both pointing north). Chikou free above the prices and kumo. RSI into bullish zone just below 60 while MACD is strong above 0. The stock is into bullish momentum and expected to keep its trail up, the next big resistance is close to 960, a close above 900 will further reassure bulls.
#Balkrishna Industries NeutralMay play in range of 812-900
above 900 breakout on daily closing
may lead to Tgt 950 / 970
BALKRISIND Inside Bar TradeLong if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
Balkrishna Ind: Wyckoff Distribution Over, Mark-Dow UnderwayFurther to the recent updates, the price action suggests that Wyckoff Distribution is complete and a Mark Down phase is underway in Balkrishna Industries. Here is the link which has the Point & Figure Horizontal count d.pr
Balkrishna Industries Balkrishna Industries is in a upward channel.
An upward channel is always considered a bear flag and breakout in upward direction can be completely ruled out technically.
Doji candle formed in todays session has taken support at 50 DMA .
This candle is a bearish candle which signals exhaustion.
And if you see the big bull candle at the top of channel signals buy climax.
I technically rule out any upmove and expect price to come down crashing once it closes below 50 DMA.
This stock is a sell for me at these levels.
Volume in this case doesnt tell us much as far as red candles are concerned however last green candle completely
signals a buy climax.
SELL this stock to the level of 780 to say the least.
LoosersBalkrishna Industries is heading downwards whereas Nifty moves upward, chances of revival is not seen in weekly charts
BALKRISINDExpecting short term uptrend and Possible movements shown in chart.....
for every breakout of trend and resistance line we should wait for a flag and breakout of flag.....because of the possibility of big down move shown in the chart......
BALKRISIND || NEUTRAL || INTRADAYSELL below 772 SL 774
Targets 770, 768, 765, 763, 760
BALKRISIND 31OCT 760 PE (₹22)
OR
BUY above 780 SL 778
Targets 782, 785, 788, 790, 795
BALKRISIND 31OCT 780 CE (₹ 30.60)
