Please find the follow-up on the analysis of Balrampur Chini and Bata India below. I will be sharing the rest with you soon along with some fresh stock analysis!
BALRAMPUR CHINI: Give it a break! Ticker: Balramchin CMP: Rs. 101.40
ANALYSIS: Having made a high of 120 from the level of 71 where we spotted it, Balrampurchini has started taking a healthy correction. Support appears to be at the level of 86-92 which is the 50-61.8% correction from the peak. Once that level is achieved, we will look at charts again and take a call about the outlook. However, owing to the government’s move of producing ethanol directly from sugar, I believe the fundamentals continue to be very strong.
BATA INDIA: Ready for a Sprint! Ticker: BATAINDIA CMP: Rs. 1004
Analysis: In the previous post we mentioned a lack of confidence in Bata’s up-move around 950 levels. However, despite the seemingly weak technical outlooks in my opinion, Bata touched a high of 1030 odd levels and turned lower for a correction which took it to the sub 950 levels. Post the correction the price of Bata has started rising again and this rally is supported by strong technical too as shown above.
The probably target at this point is 1100 in the near term.
That is all for today. Please do share your feedback, appreciation and especially criticism. You can reach out to me directly via email firstname.lastname@example.org. Dont forget to follow my blog for regular updates directly in your inbox.