BALKRISIND trade ideas
BALKRISIND - Long or SHort BALKRISIND - > Looking at chart, we can see continuous higher and high's and higher lows from past couple of trading sessions and strong bluish candle yesterday
Currently at strong resistance level.
Need to break this to give good upside .. however considering the strong resistance we do have two trading possibilities
Incase if breaks trend line, above 1045 - > we can look for targets 1055/1065/1072 to 1080
Incase if not able to break and reverse, can go for short below 1032 and look for targets -> 1025/1015/1007 to 1000
Range Breakoutif you see bigger time frame 1 hr then you will see there is chart pattern breakout after that there is retracement is happening so my view is it can go down fast after crossing 886 and can go up-to 860 but depends upon market sentiments also if market is flat or bearish then can achieve the levels,sharing only my view for study purpose.
Balkrishna conditional short.Counter is forming inverted head and shoulder pattern on 240 mins time frame,, recently counter is trading in narrow range since last 8 to 9 bars,, breakdown below 1070 would lead sell off in counter till levels of 1034,,1022,,1009,,999,,988,, RSI indicator is on verge to give breakdown from previous low levels,,
TYRE STOCKS: There is buying seen in this tyre stockTyre stocks gaining traction BALKRISIND has given a breakout on daily charts and if there is any retracement to 980 1020 levels the biying is supported by good volumes.
CMP 1022
Accumulation zone: 970-1000 levels
SL 940
Target 1200++
Timeframe: 2-3 weeks