 "Ramkrishna Forgings, Balkrishna Ind: Stock strategies for Janmashtami 2024")
Today, August 26, the world celebrates the festival of Janmashtami to honour the birth of Lord Krishna. In India the festival is celebrated with much gusto given the significance of the birth and early childhood places such as Mathura and Vrindavan in the country.
Several businesses in India add the title Krishna to their ventures because of its religious belief. Today on the auspicious occasion of Janmashtami we take a look at 5 such stocks which are based on the name of Lord Krishna.
Here’s a technical outlook on key stocks:
Ramkrishna Forgings
Current Price: Rs 960
Upside Potential: 15.6%
Support: Rs 910; Rs 899
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Resistance: Rs 975; Rs 1,026
Ramkrishna Forgings is seen trading on a bullish note post the breakout above its key moving averages on June 12. The overall bias for the stock is likely to remain upbeat as long as the stock holds above the 20- and 50-DMA (Daily Moving Averages) support at Rs 910 and Rs 899, respectively. CLICK HERE FOR THE CHART
On the upside, the stock seems on course to test Rs 1,110 levels; with interim resistance seen at Rs 975 and Rs 1,026.
Balkrishna Industries
Current Price: Rs 2,847
Upside Potential: 6.5%
Support: Rs 2,795; Rs 2,670
Resistance: Rs 2,890; Rs 2,950
Balkrishna Industries is seen struggling below its 100-DMA for the last 10 trading sessions. However, the stock seems to be seeking support around its super trend line on the weekly scale at the same time. The weekly super trend line stands at Rs 2,795. Thus, as long as this support is protected the stock may attempt to pullback in the near-term. CLICK HERE FOR THE CHART
On the way up, near obstacles for the stock is seen at Rs 2,890 and Rs 2,950 in the form of its 100-DMA and 20-WMA (Weekly Moving Average). Above which, the stock can potentially rally to Rs 3,030 levels. On the downside, significant support in the form of 50-WMA lies at Rs 2,670 for the stock.
Krishna Institute of Medical Sciences (KIMS)
Current Price: Rs 2,459
Upside Potential: 9.4%
Support: Rs 2,430; Rs 2,375
Resistance: Rs 2,525; Rs 2,620
KIMS has rallied over 11 per cent in the last six trading sessions. However, the stock is likely to witness some consolidation in the near term, as key momentum oscillators are showing some signs of tiredness. Having said that, the near-term bias is likely to remain favourable as long as the stock holds above Rs 2,430 levels, i.e. the higher-end of the Bollinger Bands on the weekly scale. Below which, support for the stock exists at Rs 2,375. CLICK HERE FOR THE CHART
At present, the stock is seen quoting near record high levels, and can potentially test Rs 2,690 levels on the upside. Interim resistance for the stock can be expected around Rs 2,525 and Rs 2,620 levels