Technical Outlook

• The counter is forming “Higher Lows” & “Higher Highs” pattern since last few weeks.
• The counter gave a consolidation breakout of last four weeks above 140 levels.
• Technically, dip towards 140 & lower levels remains “Accumulation” for higher potential targets in weeks to come.
• As per Price study “150” can be looked as immediate “Tug-Of-War” levels sustaining above which for couple of sessions can witness short-covering cum fresh buying levels for higher 180 odd levels.
• Counter major interim support is at around 120 levels above which the bias remains “Range to Positive” for first major hurdle at around 180 levels.

Open Interest Study

• As per Immediate OI Study IBULSHGIN has immediate Resistance at around 150 levels which need to be held for short-covering for next higher 180*
• For this Series as per OI dip towards 140 & 130 can be looked for Delivery Buying & Accumulation
• Delivery Buying On dips can keep stops below 120 on closing for potential higher 180 levels once it sustains above 150 levels

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Balrampur Chini Mills Ltd LTP 394

Balrampur Chini Mills Ltd founded in 1975, is one of the largest sugar manufacturing company in India. It is one of the first sugar companies in India to diversify its business from sugar to distillery and cogeneration. The company produces a wide range of products which include molasses, alcohol, ethylene, bagasse and power generation.

Quick Check

Technical Outlook

• Technically, the counter is on verge of break-out once sustains above 400 levels.
• Last week, the counter formed a weekly “Bullish Candle” indicating Buy-On-Support outlook.
• As per price-study the counter can be looked for Buy-On-Dips towards 385 & lower 365 levels maintaining stop below 350 on close.
• On higher-end once sustains above 400 can attempt towards 440 gradually in weeks to come.
• Overall, Short to mid-term Technical Outlook is “Accumulate” on dip above 350 levels with immediate hurdle at around 400 levels.

Open Interest Study

• As Per Dec-Series Open Interest the counter has immediate strong Build-Up at around 400 CE levels indicating resistance.
• Short-covering can be expected only once it sustains above 400 levels.
• On lower-end PE OI build-up is at around 380/370 levels which can act as support levels for fresh proportionate buying.

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