Chart Check: Balkrishna Industries rallies 20% in a month! Time to add more or book profits?

Auto component maker Balkrishna Industries hit a fresh 52-week high last week, and experts suggest the rally isn’t over yet. Short-term traders are being advised to buy the stock on dips for a possible target of INR3,000 in the next two to three months. The stock hit INR2,490 on 26 May, up from a low of INR1,800 last year. The supertrend indicator has triggered a buy on the weekly charts after a 14% price rise in a week, but a Relative Strength Index above 70 is considered overbought, meaning a pullback could be on the way.

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