WARM UP OF BALKRISIND STARTED; RACE WILL CONTINUE TILL 1400

BUY  BALKRISIND ABOVE 1180 TGT 1250/1350 SL 1090 

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Market summary 29 MAY 2018 BSE MidCap and SmallCap declined 0.44% and 0.26%, respectively.Among the sectoral indices  oil and gas, IT, auto and telecom gained, while bankes, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. 

TOP GAINERS: Mahindra, Bharti Airtel, Infosys and TCS 

MAJOR LOOSERS: ICICI Bank, SBI, IndusInd Bank and Yes Bank 

                                                    Balkrishna Industries Limited is engaged in manufacturing a range of off-highway tires. These tires are mainly meant for agricultural, industrial and construction, earthmover and port, mining and all-terrain vehicles (ATV). After showing correction from the higher level (1254.25), now the stock is trading in the recovery phase for the medium term and for long

term, it is likely to continue the upside move in near term with the crossing of the resistance level of 1220 as the stock is managing to sustain above the level of 1200.  It is likely to continue the positive movement with the breakout of the pattern at the levels of 1180. Then 22 &55 and 200 days moving averages seen as support level with the RSI of 44, and also showing the breakout trendline. One may get the long-term targets of 1300,1350,1450,1500 in BALKRISIND with the stop loss of 1040. Thus the trend of the BALKRISIND in the short term, medium term, and even the long-term timeframe continues to remain upwards.

DAILY CHART FOR BALKRISIND: