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⭐️ Ultra Equity Advice #111 | Buy | Expected Profit 9-10% | Arijit Banerjee

OUR RECOMMENDATION

  Buy    BHARAT FORGE  

CP#488.45
IdeaBUY
Buy Range472 – 482
Target520 – 525
StopLoss*462
Duration12 – 15 Trading Days
Potential Returns^9 – 10%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
488.45BUY472 – 482520 – 52546212 – 15 Trading Days9 – 10%

# CP – closing price on Feb 03, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 504.
^ Potential returns are calculated based on the median of buy range.

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 High548.25
52W Low376
Face Value5
Relative Performance_Bharat Forge vs Nifty 500

TECHNICAL OBSERVATIONS (DAILY)

  • As we see in the Daily chart, the medium-term trend is positive since last six months. There is a steady support baseline which is moving upwards along with price rise.
  • In the past, after resetting the support, stock made a sharp U-Turn over the past couple of weeks.
  • The stock has formed Bullish Engulfing candlestick near the bottom, which is a bullish reversal formation. Usually, this type of candlestick suggests the bull has taken control of a security’s price movement from bears.
  • Current price is just above the support and based on the historical price action, we may expect a sharp rebound to the upper channel near 520-530.
Bharat Forge Technical Analysis - Daily Chart
Bharat Forge Technical Analysis - Daily Chart

LIVE UPDATE - POSITION & ACTIVITIES

Position: Long Bharat Forge at ₹ 490 | Goodluck Capital by GoodluckCapital on TradingView

Position: Long Bharat Forge at ₹ 490 | Goodluck Capital by GoodluckCapital on TradingView

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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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