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.

Leave a Reply Cancel reply

Risk Disclosure: Trading in financial instruments and/or digital currencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of digital currencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or digital currencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
themarketmover.net would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. themarketmover.net and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of themarketmover.net and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
themarketmover.net may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Generated by Feedzy