Stock of the week - Balkrishna Industries Ltd For Target Rs.2980 By GEPL Capital
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Balkrishna Industries Ltd
Observation
* Balkrishna Industries on long term charts is moving with a higher highs and higher lows formation suggesting the long term bullish trend of the stock is intact.
* In the recent correction, Balkrishna Ind corrected nearly 21% and took support at 50% Fibonacci retracement level (1552-2723 retracement level) after which the stock has bounced sharply from the supports.
* On weekly charts stock is continuously bouncing from the 50 week SMA (2065) support.
* On the weekly charts, the stock has been forming Bullish candles with Higher high and lows for past 4 weeks.
* On the indicator front the RSI has formed a bullish Hinge near the 40 mark and started moving higher suggesting Bullish momentum to continue.
Inference & Expectations
* Balkrishna Ind is moving higher after a correction.
* The technical parameters and the indicators mentioned above, point towards the possibility of increasing bullish momentum in the trend
* We expect this momentum to take the prices towards 2785 (61.8% Fib extension level of 1552— 723 projected from 2065) followed by 2980 (78.2% fib extension level of 1552—723 projected from 2065)
* On the downside the 2290 mark (2 week low) will act as a support. If this level is breached on closing basis our bullish view will be negated.
* One can buy Balkrishna Industries at current levels with a target of 2785 and 2980 with a strict stop loss of 2290.
Balkrishna Industries Ltd : LTP : 2489.75 Target: ₹2980 Stop Loss : 2290
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