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.