BALKRISIND.NSE Balkrishna Industries Ltd.

HDFC Bank has seen a decisive breakout of downward sloping resistance trendline adjoining highs of January 16 and March 7 and climbed above 10-day and 21-day EMAs (exponential moving averages).

Motilal Oswal recommended Neutral rating on Balkrishna Industries with a target price of Rs 2360 in its research report dated January 27, 2024.

Balkrishna Industries has seen a breakout of long horizontal resistance trendline adjoining highs of September 23, 2021 and January 11, 2024. The stock formed strong bullish candlestick pattern on the daily timeframe with healthy volumes.

A continuation of positive momentum is seen in January in tyre sector stocks with JK Tyre and CEAT delivering returns in excess of 18 percent on year-to-date basis alone.