Stock of the Day – Balkrishna Industries

The long term chart of Balkrishna Industries shows a interesting trend. In 2006 when markets were in full bloom, this stock was in the grip of a strong bear trend. While it did some recovery in 2007, it could not break the high of 2006 lest alone make a all time high. 2008 affected the stock in the same way it did for much of the market.

But while rest of the markets after recovery in 2009 / 10 more or less went into a range, this stock was able to break new grounds and was able to break into the new highs in 2012. 

The stock after being in yet another range for much of 2012 and 2013 is once again breaking new ground and today tested the all time high with good delivery volumes. Unless the markets tanks, probability of continuation of the current trend remains high

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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