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Bharat Forge Technical Analysis #23: Sell | Target Rs 444 | Arijit Banerjee

OUR RECOMMENDATION

CMP#477.85
IdeaSELL
Sell Range488 – 477
Target444 – 433
StopLoss*497
Duration15 – 20 Trading Sessions
Potential Return^7 – 9%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
477.85SELL488 – 477444 – 43349715 – 20 Trading Sessions7 – 9%

# CMP on Feb 13, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 461.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Bharat forge limited manufactures and sells forged components in India and operates in two segments – Forgings and Projects (Capital goods) to help clients across automobiles (across commercial and passenger vehicle), oil and gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

Stock Data
NSE CodeBHARATFORG
Sectoral IndexNIFTY 500
52W High798
52W Low463.55
Face Value10
Relative Performance_Bharat Forge vs Nifty 500 Index

TECHNICAL OBSERVATIONS (DAILY)

  • Lowe Tops and Lowe Bottoms at Daily Charts.
  • Last few days stock is trading above the 20 days MA and recent closing above the Upper Bollinger Band showing confidence of my view.
  • ADX and +DI crossing above 20 indicate buying momentum and probable further rise.
  • Overall a positive chart and momentum pattern indicating an opportunity for a BUY trade. Look to Buy this stock as per the levels mentioned above.
Bharat Forge Daily Chart
Bharat Forge Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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