Long Term Investment - Balkrishna Industries

The above monthly chart shows the entire historical structure

[ a ] – [ b ] – [ c ] “Elongated Flat Pattern “ .

Wave counts are as follows:

Wave [ a ] with internals of
Wave (a) – Rs 6.25 to Rs 83.33.
Wave (b) – Rs 83.33 to Rs 5.83.
Wave (c) – Rs 5.83 to Rs 1298.

Wave [ b ] with internals of
Wave a – Rs 1298 – Rs 440.
Wave b – Rs 440 – Rs 903.
Wave c – Rs 903 – Rs 120.

Wave [ c ] is in progress. In Long Term Perspective wave [ C ] expected to end at Rs 1000 at least which is the 75% retracement level of wave [ b ]. On further sustained rise and close above Rs 1000 and then we can expect the stock move towards the historical high of Rs 1298.

Support will be at Rs 180 – Rs 135.

Resistance will be at Rs 210. If the price rise and close above Rs 210 and then the stock rise towards Rs 395 which is the 23.6% retracement level of wave [ b ]. On further sustained rise and close above Rs 395 and then we can expect the stock rise towards 38.2% - 50% - 61.8% - 75% retracement level of wave [ b ]. The retracement levels are placed at Rs 568 – Rs 708 – Rs 835 – Rs 1000.

Long Term Investment - Balkrishna Industries

Long Term Investors - Maharashtra Seamless

The above monthly chart shows one major Motive Wave is complete From the low of Rs 8 to the historical high of Rs 675 which as marked as wave [ i ]. From the historical high to the higher bottom of Rs 111.80 is marked as wave [ii]. Wave [ii] is a-b-c three wave corrective structures. Wave [ii] is retraced 85% of wave [i]. Now we are traveling in the internals of wave [iii]. In long term perspective, Wave [iii] is retraced 161.8% of wave [i]. The retracement level is placed at Rs 1186.
Support level is at Rs 164 – Rs 140 – Rs 111. If the important support level of Rs 111 is violated and then the stock fall towards Rs 90 – Rs 52 – Rs 23 range.

Resistance level is at Rs 221. If the price rise and close above Rs 221 and then the stock rise towards Rs 245 which is the 23.6% retracement level of wave [ii]. On further sustained rise and close above Rs 245 and we can expect the stock rise towards 38.2% - 50% - 61.8% retracement level of wave [ii]. The retracement levels are placed at Rs 326 – Rs 393 – Rs 465.

Strategy:
Long Term Investors can buy on corrective dip to Rs 164 –Rs 140 – Rs 111range as the opportunity arises.