OUR RECOMMENDATION
| CMP# | 957.75 |
| Idea | SELL |
| Sell Range | 990 – 950 |
| Target | 900 – 875 |
| StopLoss* | 1010 |
| Duration | 15 – 20 Trading Sessions |
| Potential Return^ | 6 – 9% |
| CMP# | Idea | Sell Range | Target | StopLoss* | Duration | Potential Return^ |
| 957.75 | SELL | 990 – 950 | 900 – 875 | 1010 | 15 – 20 Trading Sessions | 6 – 9% |
# CMP on Nov 28, 2018
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 929.
^ The returns are calculated based on CMP#
COMPANY OVERVIEW
Founded in 1987 as a bicycle tyre maker, this Mumbai based tire and tube manufacturing company now serves OEM across the country and 130 nations worldwide. Their products are mainly designed for industrial, agricultural, construction, port and earthmover, mining, forestry, lawn and all-terrain vehicles (ATV). The majority stakes owned by Arvind Poddar and his family.
| Stock Data | |
| NSE Code | BALKRISIND |
| Sectoral Index | NIFTY AUTO |
| 52W High | 1453.55 |
| 52W Low | 922.7 |
| Face Value | 2 |
TECHNICAL OBSERVATIONS (WEEKLY)
- Stock had given downside breakout from the Broadening Triangle pattern with incremental volumes.
- Stock Price is below the true crucial Weekly Resistance zone 1005-975. A further downfall is expected from here.
TECHNICAL OBSERVATIONS (DAILY)
- The stock has formed Bearish Engulfing candlestick which is a Bearish reversal formation. Normally this type of candlestick suggests the Bear has taken control of a security’s price movement.
- ROC is below zero line and falling, it shows that downtrend is increasing its speed.
