BALKRISHNA INDS: Multibagger Stock Giving 42% Returns in less than 3 MonthsJun 23, 2021
Equity markets are rallying but not all stocks are participating. By application of Elliott Wave we can identify potential Multibagger stocks that can be added in portfolio. Balkrishna Ind was identified a few months back.
We published about BALKRISHNA in March, 2021 and predicted a possibility of Multibagger returns This stock has managed to outperform giving almost 42% returns in less than 3 months considering the high near 2322 which was made on 17th June 2021.
Below is the chart which shows a detailed analysis of BALKRISHNA published to clients using Channels, Moving Averages and Elliott Wave technique. We recommended this stock when it was quoting near the 1630 levels and was successfully able to catch the up move. See yourself how we were able to catch the up move.
Below is the chart showing detailed analysis published in our research report –“The Financial Waves Multibagger Update” in March 2021.
Balkrishna inds chart: – log Scale (Anticipated as on 3rd March 2021)
Happened: Till Date Daily Chart:
(Following research is taken from Multibagger report published on 3rd March 2021)
Multibagger stock recommendation: Balkrishna industries
Buy Price – Buy at CMP 1630 and more on dips ……
Time Horizon – 2 -3 years
Investment – 5% of capital
Target price – ?? (given in actual report)
Stop loss –??(given in actual report)
Refer detailed research below
Anticipated as on 03rd March 2021-
Elliott Wave Analysis:
We have selected Balkrishna industries which can outperform over the coming years. Short term dips cannot be ruled out but that will provide buying opportunity in this stock.
Long term perspective: – Balkrishna industries is exhibiting an impulsive rise since 2009. The 3rd wave of the impulse is usually the largest wave in an impulse pattern and is often extended. When the 3rd wave is extended, we usually see that the 5th and the 1st wave within wave 3 are found equal in proportion. As can be seen on the weekly chart, prices have moved from the lows of 12 towards the high of 1856 in a small period of 12 years. Post the formation of a low near 676 in wave (iv), price has resumed the rally in the form of wave (v) on the upside.
We can see that this rally has been taking support near the 240-week EMA and has been moving well within the rising channel. As long as price remains above the channel and the 240-week ema on a weekly closing basis it is safe to assume that this stock can continue its strong rally. One can buy at the current market price near 1630 for a long-term investment….
In short, Balkrishna industries provides a good opportunity to enter the trend for riding the long term up move. Long positions can be created at CMP of 1630 and more on dips to ……. levels with …… as stop loss and target of …… or probably higher.
Happened as of 23rd June 2021- It has touched its new lifetime high near 2322 levels on 17th June 2021 .The up move has been strong and we expect prices to achieve its target of ….. levels in coming months. The stock is giving a return in excess of 40% even now.
As a long-term buyer of equity, one should not wish for market to go up in straight line. It’s the volatility that creates opportunity to earn exponential returns.
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