Short Sell Bharat Forge as there is a price momentum divergence. Could be a potential top formation in this zone.
Bharat Forge seems to have traced an extended zigzag and is right at the bottom. It's likely that an upmove starts soon (without making a new low). This up move should take it to newer highs.
This is in relation to my bullish outlook on this stock. (I've provided the link for original post below too.)
CLSA has a sell call on Bharat ForgeBSE -2.42 % Ltd. with a target price of Rs 655. The current market price of Bharat Forge Ltd. is Rs 723.15. Time period given by analyst is year, when Bharat Forge Ltd. price can reach defined target. The global brokerage firm slashed its 17-18 earnings per share (EPS) estimates by 11 per cent on a weak export outlook....