Bhansali eng - long ideaStock has been in downtrend in nifty since Oct 2021. This is the first time when stock made higher low that indicates trend reversal. Chart is also making a rounding bottom pattern, which indicates accumulation and also an indication that correction is over. Chart gave a breakout from falling trend line and a follow-up retracement is also complete. Stock is also comparitively strong from Nifty.
All of these parameters suggest buying this at CMP and adding more units after 136.
First review area is 142, followed by 154 and 168.
If market remains volatile and goes down then keep a small stop loss of 125. Proper top loss is 115 for positional traders who can keep this position open for few months.
All levels are on daily closing basis.
