Balu Forge Industries Ltd

balu

216
**Analysis**
1. **Trend**:
The stock shows a significant upward trend starting from June, with a period of consolidation since September.
The current price is around ₹802.60, with some signs of resistance around this level.

2. **Support and Resistance**:
- **Immediate Resistance**: ₹824 (recent high and upper level of consolidation).
Key Supports**:
₹670.15: A strong horizontal support zone.
₹566.55: A deeper support zone that coincides with previous consolidation in August.

3. **Volume**:
A noticeable increase in volume during the August rally indicates strong buying interest.
Reduced volume in the consolidation phase suggests reduced participation, which is typical in such phases.

4. **Next Movement**:
If the stock breaks above ₹824 with strong volume, it could signal the continuation of the uptrend.
On the downside, a break below ₹670 could trigger further correction towards ₹566.

### **Next Possible Targets**
- **Upside**:
-₹900–920: If the stock breaks ₹824, it could aim for ₹900, which is a psychological resistance level.
- **₹980–1000**: Further upward momentum could target the ₹1000 zone.

- **Downside**:
₹670: The first strong support zone in case of a correction.
₹566: A deeper correction level if the broader market sentiment weakens.

### **Recommendation**
Watch for a decisive breakout above ₹824 with strong volume for a bullish move.
Keep an eye on ₹670 for support during any pullback. If this level is breached, it may signal a bearish turn.

no recommendation for buy and sell

면책사항

해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.