Ashish Kacholia portfolio: Balu Forge share price hits record high. Should you buy?

livemint.com:

Ashish Kacholia portfolio: Balu Forge share price has been on an uptrend after bottoming out at around ₹280 apiece. This Ashish Kacholia portfolio stock has continuously risen after ushering in June 2024. Balu Forge share price today opened upside at ₹312.70 apiece on NSE and touched an intraday high of ₹328.20 per share.

While climbing to this intraday high, Balu Forge shares also rose to a new peak.According to stock market experts, including those from the Ashish Kacholia portfolio, Balu Forge shares are rising after giving a technical breakout at ₹290. They are optimistic about the future, stating that auto stocks are expected to deliver stellar returns. Balu Forge, an auto ancillary company, is expected to benefit from this positive outlook for the auto industry.

They further predict that Balu Forge share price is on the cusp of delivering another breakout at ₹325 apiece level. Once it breaches this hurdle on a closing basis, we can expect the stock to touch ₹340 to ₹345 in the near term.Speaking on the outlook of this Ashish Kacholia-owned stock, Avinash Gorakshkar said, “The company is expected to benefit from the rally in the auto segment due to resilience in the national economy. Balu Forge, being an auto ancillary company that manufactures castings and forgings for giant auto companies, may benefit from the positive outlook of the auto industry in India.