Ashish Kacholia-owned Balu Forge share price hits record high. Should you buy?

Ashish Kacholia portfolio: Balu Forge share price has been on an uptrend after bottoming out at around 280 apiece. This Ashish Kacholia portfolio stock has continuously risen after ushering in June 2024. Balu Forge share price today opened upside at 312.70 apiece on NSE and touched an intraday high of 328.20 per share. While climbing to this intraday high, Balu Forge shares also rose to a new peak.

According to stock market experts, including those from the Ashish Kacholia portfolio, Balu Forge shares are rising after giving a technical breakout at 290. They are optimistic about the future, stating that auto stocks are expected to deliver stellar returns. Balu Forge, an auto ancillary company, is expected to benefit from this positive outlook for the auto industry. They further predict that Balu Forge share price is on the cusp of delivering another breakout at 325 apiece level. Once it breaches this hurdle on a closing basis, we can expect the stock to touch 340 to 345 in the near term.

Balu Forge share price outlook

Speaking on the outlook of this Ashish Kacholia-owned stock, Avinash Gorakshkar said, “The company is expected to benefit from the rally in the auto segment due to resilience in the national economy. Balu Forge, being an auto ancillary company that manufactures castings and forgings for giant auto companies, may benefit from the positive outlook of the auto industry in India. So, Balu Forge shareholders can hold the stock and maximise their returns in the medium to long term.”

Balu Forge share price target

Sharing the technical outlook of Balu Forge shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “Balu Forge share price bottomed out at around 280 and gave a fresh breakout at 290 apiece level. After that breakout, the scrip decisively breached above 310 resistance. Balu Forge shares are on the cusp of giving a fresh breakout at 325. Once the stock breaches above this resistance on a decisive basis, we can expect this stock to touch 340 to 345 apiece level.”

The Anand Rathi expert said Balu Forge shareholders could hold the scrip, maintaining a stop loss at 295 apiece. Once the stock breaches above 325 on a closing basis, Balu Forge shareholders are advised to upgrade the trailing stop loss to 312.

Ashish Kacholia’s shareholding in Balu Forge

As per the shareholding pattern of Balu Forge for the January to March 2024 quarter, it’s worth noting that Ashish Kacholia, a prominent figure in the stock market, holds 21,90,500 company shares or 2.14 percent stake in the company, which further underscores his confidence in the stock.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.


Published: 19 Jun 2024, 12:44 PM IST

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

DEE Development Engineers IPO: 10 key risks you should know about before investing

Wed Jun 19 , 2024
The issue includes a fresh sale of 1.6 crore equity shares, valued at up to ₹325 crore, and an offer for sale of 0.46 crore shares, aggregating to ₹93.01 crore. The DEE Development Engineers IPO price band is set at ₹193 to ₹203 per share. Retail investors have the option […]
DEE Development Engineers IPO: 10 key risks you should know about before investing

You May Like