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


Buy Range472 – 482
Target520 – 525
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.

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


  • 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


Based on our positional trading tips for share market, Bharat Forge target will be 520 – 525 in the next few days.


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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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.


The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).


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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