Is Now the Right Time to Buy Bharat Forge?

https://preview.redd.it/mvaxukhv377e1.jpg?width=1920&format=pjpg&auto=webp&s=914d1e125542c2c9c096a4956f639830ca79a961 Bharat Forge Limited, a leading Indian multinational company specializing in forging, engineering, and technology. Its wholly-owned subsidiary, Kalyani Strategic Systems Limited (KSSL), has acquired a 25% equity stake in Edgelab SpA, an Italian firm. The deal is valued at a total consideration of €2.50 million (approximately ₹21.6 crores). Bharat Forge, after hitting a new high in June 2024, has undergone a 30% correction and is currently trading below the 20-week SMA of the Bollinger Band and the 40-week EMA on the weekly chart. However, the Rohit Momentum Indicator (RMI) is showing signs of a potential bullish reversal and is close to delivering a bullish crossover. If the RMI confirms this crossover and the price closes above ₹1,471 (20-week SMA) and ₹1,412 (40-week EMA), it could mark the end of the consolidation phase. This would significantly increase the likelihood of an upward move, signaling renewed bullish momentum in the stock. Careful position sizing will be crucial to managing risk effectively. Do share your personal opinion.