Chart Check: Breakout from descending triangle pattern makes this stock an attractive buy; new record highs possible

June 28, 2023

Experts suggest that the stock price of Balkrishna Industries, a company in the tyre and rubber product industry, has broken out from a descending triangle pattern, indicating a potential increase towards Rs 3,000 levels in the medium term. The stock has been consolidating recently but has rallied by about 20% in the last three months. The stock is trading above important moving averages, and technical indicators such as the Relative Strength Index (RSI) and MACD are showing bullish signals. Experts recommend purchasing the stock with targets of Rs 3,220 and Rs 4,125 in the next four to six months.

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