Bharat Forge has shown good performance in the recent past. From a level of Rs 60 during the first week of May, the stock has shown a steady climb upto a level of Rs 119 by the second week of this month.From this peak, it showed a correction till the level of Rs 106. After making a good base at this level, the stock has moved upto Rs 120 last week. This move is extremely good for its technical health.
The volume chart is also in favour of a positive outlook. The position of oscillators like RSI, and MACD has also improved. One can expect the counter to remain firm in the near future. Long positions can be taken with a stop loss of Rs 106. For short-term traders, the stop loss should be placed at Rs 112.
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