Bharat Forge topped out in early 2011 & has remained in a largely bearish phase, until now. The stock has formed a large base and is showing signs of maybe turning bullish. The entry pivot, as of now, is at 244.5 & on breaching this resistance the stock will move higher. Major resistance above this lies at 283 & on crossing this significantly we might see much higher prices on the stock. Stop loss may be placed at 206.5. If the stock slips further from here without a move up & with no breach of 244.5, these pivots will change drastically and we will have to wait it out for the stock to develop a bullish bias again. But for now the stock does look stable & if an up-move begins it will only be at the pivots as mentioned above.
Supports – 206.5
Resistances – 244.5, 283
Supports – 206.5
Resistances – 244.5, 283
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