Balkrishna Industries Long opportunity

٤ يناير ٢٠٢٢

BALKRISIND

Hello all

Balkrishna industries has been traveling in a channel since March 2020. It came back to its lower trendline, took support, and took off. It broke the trendline 1 and its nearest resistance as well. All this makes it a good opportunity to go long!

Besides these points, there are a few more that strengthens my conviction to go long:
->Support from 50 day EMA
->Support from 50 weekly EMA
->Took support from 50%-61.8% Fib level

The Risk reward ratio is favorable. Also Nifty seems to have broken its major resistance and there is a high probability of Nifty going up from here.

*NOT A CALL*