BHARAT FORGE

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I have pur­chased shares of Bharat Forge at Rs 660 con­sid­er­ing it to be a re­ver­sal. What should I do now?

- Chan­drakant Patil

HOLD BHARAT FORGE WITH A STOP LOSS OF RS 595

Bharat Forge is cur­rently trad­ing at Rs 613.55. Its 52-week high/low stand at Rs 799.65/Rs 575.15 made on March 1, 2018 and July 20, 2018, re­spec­tively, por­tray­ing sud­den down­fall. The stock at­tempted a bounce-back af­ter hit­ting a dou­ble bot­tom pat­tern at 52-week low level. It breached its ma­jor re­sis­tances at Rs 669 and Rs 675, but re­treated from Rs 692 level, i.e. in-be­tween the 50% and 61.8% re­trace­ment of the down­ward rally from Rs 784 to 52-week low. Con­sid­er­ing the weekly time frame, the stock is trail­ing at its 100-pe­riod EMA level and also taken sup­port of an up­ward slop­ing trend­line level. The os­cil­la­tors are still tilted south­wards, and hence, we sug­gest you to hold with a stop loss of Rs 595.

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